Deregulation of profit on sale of petroleum products opposed

Islamabad

Islamabad Chamber of Small Traders (ICST) opposed the deregulation of profit on sale of petroleum products as it will unleash miseries on the masses and damage economy.

Proposal to give free hand to oil marketing companies and petroleum dealers to set their profit margin will result in race for profit and it may result in formation of the most influential and merciless cartel which will make life difficult for the masses, it said.

The proposal of Ministry of Petroleum and Natural Resources is against the national interests therefore it should be rejected, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt.

He said that government has fixed profit margin for oil marketing companies and petroleum dealers that should remain intact as they are already getting good profits.

Shahid Rasheed Butt said that people linked to petroleum business are already milking masses through different negative tactics which is going unchecked.

Oil marketing companies are getting Rs2.41 profit on sale of one litre of petrol and diesel while petroleum dealers are getting Rs3.16 profit on sale of one litre of petrol and Rs2.67 on diesel which is more than enough.

He said that around six hundred thousand tonnes of diesel and five hundred and fifty hundred thousand tonnes of petrol is being sold monthly in the country while consumption of petrol is increasing by twenty percent per annum.