Petrol Relief Scheme Talks Successfully Conclude: Government and Petroleum Dealers Reach Consensus, SBP to Guarantee Payments within Two Days
ISLAMABAD: The federal government and petroleum dealers have reached a successful agreement on how to implement the flagship Petrol Relief Scheme, paving the way for the subsidy package to be rolled out immediately.
The meetings in Islamabad have been useful, with all outstanding operational and financial issues members of the Pakistan Petroleum Dealers Association (PPDA) have been able to solve with the result that all the dealers are now fully agreed on taking the first step towards the implementation of the relief package.
Providing financial backing for the SBP and account transfer in 48 hours.
As per the finalised financial mechanism reached during the session, State Bank of Pakistan (SBP) will be the financial guarantor. Subsidy reimbursement won’t be done through the subsidy fund, instead it was agreed that it would be paid directly to petroleum dealers’ designated bank accounts in 48 hours (2 days).
Official announcement about the simplified payment processes will be published today. In addition, the Ministerial said consultation mechanisms will be further improved going forward, to ensure that consultation efforts are ongoing.