Pakistan

Another cut in petrol prices expected

The prices of HSD and kerosene oil might also decrease

Our Correspondent June 13, 2024

There were fears that the petroleum dealers, most of whom were corrupt and involved in fuel hoarding, would not pass on the full benefit of cross-subsidy to the motorbike owners and demand higher prices. PHOTO: afp

ISLAMABAD:

The federal government is likely to alleviate the consumer burden by lowering petrol prices by up to Rs9 per litre starting June 16.

According to media reports, diesel and kerosene oil could also see reductions of Rs4 and Rs2 per litre respectively.

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.

However, it was later anticipated that the government would further reduce the prices of petroleum products by Rs12 per litre from June 16 as the global oil rates are on a declining trend.

Sources reveal that the decision, if finalised, will be based on global petroleum rates from June 13 and 14, and will be calculated by the Oil and Gas Regulatory Authority (Ogra).

The move comes before the ongoing efforts to mitigate the impact of fluctuating international energy market costs and the rupee-dollar exchange rate on domestic consumers.

Earlier in the day, Foreign Minister Muhammad Aurangzeb, during the post-budget press conference in Islamabad, stated that the Petroleum Development Levy (PDL) would be increased gradually in accordance with international oil prices.