Fuel prices likely to reduce by Rs12

Move expected amid declining global oil rates

ISLAMABAD:

The government is expected to announce a further reduction in the prices of petroleum products by Rs12 per litre from June 15 as the global oil rates are on a declining trend.

At the start of the ongoing month, the government slashed the prices of petrol and high-speed diesel (HSD) by Rs4.74 and Rs3.84 per litre, respectively.

After the reduction, the new price of petrol is Rs268.36 per litre against its previous rate of Rs273.10. Similarly, HSD is available for Rs270.22 per litre instead of its earlier price of Rs274.08.

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Similarly, the prices of kerosene oil and light diesel oil (LDO) were also reduced by Rs1.87 and Rs 3.88 per litre for the next 15 days.

After the reduction,  kerosene oil costs Rs171.61 per litre against its earlier price of Rs 173.48. Likewise, LDO is available for Rs157.29 per litre after the cut instead of its previous rate of Rs161.17.

According to sources, the prices of petroleum products are likely to decrease as the rates of oil in the international market have fallen by $5.14.

The government has reduced the prices of petrol an HSD by Rs24 and Rs20 per litre, respectively.