Petrol prices in the country could decrease by Rs5 to Rs7, after the Oil and Gas Regulatory Authority moved a summary to the finance ministry, according to reports.
OGRA has also recommended that the price of diesel be decreased by Rs8. However, there are chances that the government could keep the prices unchanged.
Sources said Finance Minister Ishaq Dar will consult Prime Minister Shehbaz Sharif before making a final announcement.
The current prices petrol is Rs282 and the price of diesel is at Rs293. Prices are reviewed and changed if necessary every fortnight. The prices will be announced later tonight.
The price of petrol is influenced by multiple factors, the main one being international oil prices. However, prices are also increased due to Pakistani Repee’s dwindling exchange rate against the dollar, which has especially suffered in the last year.
To ease its energy woes, Pakistan is looking to explore the option of importing Russian oil. The first shipment is expected to arrive at the end of May and the government has claimed it will be 35% cheaper than the oil it normally purchases.
