Pakistanis suffering from inflation are likely to receive major relief before Eid ul Adha, as prices of petroleum products are expected to see a significant reduction.
The price of petrol is expected to decrease by Rs9.28, while the price of diesel is expected to decrease by Rs4.02. This reduction in prices is expected to take effect from June 16.
The government is also considering increasing the petroleum levy by up to Rs80 on petrol and diesel. The proposal has been included in the federal budget for the next fiscal year. However, for now, price reduction is expected as the new budget takes effect from July 1.
The price of petrol will decrease by Rs9.28 from June 16, while the price of diesel is expected to decrease by Rs4.02 over the next 15 days.
The price of kerosene oil is expected to decrease by up to Rs2.
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The report states that over the past week, global crude oil prices have recorded a decline, and this reduction in international prices is likely to benefit Pakistani consumers.
The Oil and Gas Regulatory Authority (OGRA) will submit its recommendations to the government on June 15, and Prime Minister Shehbaz Sharif will give the final approval on the revised petroleum prices.
The notification regarding the reduced petroleum product prices will be issued by the Ministry of Finance on June 15.
