Govt likely to further slash petrol prices

Prices of petrol and diesel likely to be reduced by Rs5.50 per liter and Rs4.30 per liter respectively

ISLAMABAD:

The prices of petroleum products are anticipated to decrease further from June 1, providing relief to consumers. According to sources, the price of petrol is expected to drop by Rs5.50 per liter for the next 15 days. The current price of petrol is Rs273.10 per liter.

The price of diesel is expected to decrease by Rs4.30 per liter, kerosene by Rs2.15 per liter, and light diesel oil (LDO) by Rs5.08 per liter.

This expected reduction is attributed to a recent decline in global crude oil prices. Sources indicate that the benefits of this price drop in the international market will be passed on to the public.

The Oil and Gas Regulatory Authority (OGRA) will submit its calculations based on the global market trends to the government on May 31.

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The final decision regarding the new prices will be made by Prime Minister Shehbaz Sharif. Following the approval, the Ministry of Finance will issue an official notification detailing the updated prices. This move is expected to bring significant relief to the public, who have been grappling with high fuel prices in recent months.

In a significant relief for consumers grappling with inflation, the government on May 15 announced a welcome reduction in petrol and high-speed diesel (HSD) prices for a fortnight by Rs15.39 per liter and Rs7.88 per liter, respectively. The decision came in response to the recent downward trend in global petroleum prices.

Petrol is used in motorbikes and cars and is considered an alternative to compressed natural gas (CNG), especially in the Punjab province. HSD is widely used in the transport and agriculture sectors; therefore, a reduction in its price is poised to have a significant impact on lowering inflation countrywide.