Govt decides to hike prices of petrol and diesel

The Executive Committee meeting of SIFC has decided to increase the IFEM by Rs2.5 per litre, which will be applicable on petrol, diesel, kerosene, and light diesel oil.

This effect will be transferred to the e-escrow (ESCROW) accounts that will be used for upgrade projects of refineries and this will be a temporary arrangement and will continue till the next budget.

The SIFC meeting directed OGRA to review the impact of the increase in IFEM and the Petroleum Division to prepare a summary, which would be submitted to the ECC for approval.

However, PARCO, which holds 48 per cent of the market, is against the increase in IFEM, calling it a temporary arrangement.

In the meeting, the Petroleum Division was directed to submit a workable plan within a week to initiate the $5-6 billion upgrade projects of local refineries.