ISLAMABAD – Another hike on Petrol and Diesel is on the cards as petroleum products are likely to go up by Rs2.5 per liter from December 16. Reports in local media said the Executive Committee of Special Investment Facilitation Council (SIFC) met on Wednesday, under the chairmanship of Planning Minister Ahsan Iqbal to upgrade local refineries. In latest bid to assist refineries with the upgrade process, the Inland Freight Equalization Margin (IFEM) will be increased by Rs2.5 per litre for petrol, diesel, kerosene, and light diesel oil. The expected price of Petrol will be around Rs254.60 while Diesel will hit around 260, with the revision of prices. Meanwhile, oil and gas authority was tasked with assessing financial impact of IFEM increase, with Petroleum Division preparing a summary to be presented for approval to ECC. The sales tax exemption on petrol and diesel prevented refineries from finalizing necessary implementation agreements with OGRA.  These measures are being taken to boost production of refined petroleum products in South Asian nation. More from this category Copyright ©2024. Reproduction of this website's content without express written permission from 'Daily Pakistan' is strictly prohibited.