Islamabad: The price of petroleum products could drop by as much as Rs5 per liter on June 1.
According to sources from the Petroleum Division diesel is anticipated to see a reduction in the price of Rs4 per liter while the price of petrol will be reduced by Rs5.
However they stressed that any modification in fuel prices must occur within the next two days since on May 31, the Finance Division would get a report from the Oil and Gas Regulatory Authority (Ogra).
Related News: Reduction in Petrol Price for Next Fortnight
Following consultations between Prime Minister Shehbaz Sharif and the Ministry of Finance, a final decision regarding the prices of petroleum products will be made.
This would be the third straight decrease in fuel costs if authorized.
The federal government granted a significant reduction in petrol prices earlier this month of Rs. 15,39 per liter and Rs. 788 per liter for diesel.
At the moment, a liter of petrol costs Rs273.10, while a liter of diesel costs Rs274.08.
Every 15 days, Pakistan updates its petroleum product pricing to reflect changes in the trend of worldwide oil prices as well as changes in the rupee’s value over the US dollar. The value of the Pakistani rupee has been stable lately.
Pakistan imports over 85% of its oil needs and the nation has been grappling with a balance of payments issue as well as rapidly rising inflation which reached 17.3% year over year in April.