ISLAMABAD: The government is preparing to recover an estimated Rs.72 billion in windfall profits from oil marketing companies (OMCs) in the upcoming fiscal year 2026-27, according to official sources.
Finance Ministry sources said a windfall gain tax could be imposed on OMCs after companies earned extraordinary profits on petroleum products during recent regional tensions.
Officials said the recovered amount may be used to provide petroleum subsidies, reduce electricity tariffs and help narrow the fiscal deficit.
Sources added that the government is examining legal and financial mechanisms to reclaim the extraordinary profits earned by the oil marketing sector.
Meanwhile, Prime Minister Shehbaz Sharif has constituted a high-powered committee headed by Finance Minister Muhammad Aurangzeb to review the cross-subsidy mechanism and examine the recovery of an alleged Rs. 72 billion in extraordinary profits earned by oil marketing companies (OMCs) during fluctuations in global oil prices following the Gulf conflict.
The committee, formed on the prime minister’s directives, will also review key fiscal and economic matters linked to the upcoming federal budget, including expenditure rationalization, development spending priorities, reforms in the energy sector and the implementation of rightsizing measures across ministries and divisions.
According to official details, Finance Minister Muhammad Aurangzeb will head the committee, while the ministers for economic affairs, planning and law will serve as members.
More read, PM forms 7-member committee for budget 2026–27 preparations
Former bureaucrat Musharraf Rasool has been appointed chief technical adviser, while the additional secretary for budget will also be part of the panel.
