ISLAMABAD, Sept 22: Prime Minister Shaukat Aziz has sought a report about the alleged anomalies committed by the Oil Company Advisory Committee while determining petroleum prices and members of the OCAC will hold a meeting with him on Friday in this regard.
Sources said that the premier was surprised to know that the OCAC had no government representation and comprised only the representative of private companies who were promoting their vested interests through POL price hike.
They said that Mr Aziz was informed that the companies had robbed Rs150 billion of the nation during the last five years.
The sources said that the OCAC termed that Oil Marketing Companies (OMCs) margin stood at 3.5 per cent and they wanted to extend it to 4 per cent.
They said that margin prior to 1999 were on fixed basis, but from Dec 15, 1999 the PDL and other taxation were added together to increase the base price and approached the government that it be fixed at the rate of 3 per cent on retail that was further raised to 3.5 per cent in 2004.
The sources said that apparently, it appeared to be 75 per cent increase and the OMC commission which was Rs0.52 per litre should have risen to Rs0.81. “But this figure touched Rs1.89 per litre, an increase of 263 per cent and the same holds for retailer margins,” they said.
The sources said that the OMC margin on high speed diesel that stood at Rs0.204 has touched Rs0.908 an increase of 380 per cent.
They said that retailer margin increased from Rs0.163 to Rs1.37 making an increase of 738 per cent. “OMCs were not paying import regulatory duty and general sales tax on high speed diesel and it was only margin that caused rise in petroleum products prices,” they said.—Online
