Petroleum strike called off

Petroleum strike called off

The petrol pump owners were on strike last week, shutting down all the fuel pumps across the country, demanding an increase in profit margins amid an inflation crisis.

The official spokesperson of the petroleum association said interest rates and inflation had hit operators’ businesses and called for the dealership margin to be increased.

Read more | Petrol strike for 48 hours

The sales now have also slumped by 30% due to Iranian fuel being smuggled into the country.

Profit Margin for dealers

The government agreed to increase the profit margin for petroleum products by Rs 1.64 per litre after hour-long discussions. The Chairman of Pakistan Petroleum Dealers Association (PPDA) Abdul Sami Khan announced the call-off of the strike.

The dealers were initially asking for Rs 5 per litre increase in margin but later they accepted the offer. The margin will be raised by Rs 0.41 per litre every fortnight, and dealers will receive the full raise of Rs 1.6 per litre.

The dealers margin would be Rs7.6 per litre after two months from the current Rs6 per litre. The petroleum minister Musadik Malik talked to the PPDA members in order to negotiate their demands with government.

Read more | Flour mills strike from today

The PPDA called off the strike after two days when all the association members negotiated with the petroleum minister who came to convince PPDA members to stop the nationwide strike.

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