ISLAMABAD (PEN) : In a promising turn for the public grappling with inflation, the federal government is reportedly considering a significant reduction in petrol prices, potentially by up to Rs9 per litre, effective from June 16, as per sources disclosed .
Diesel prices are also anticipated to decrease, possibly by Rs4 per litre, while kerosene oil rates may see a drop of Rs2 per litre, according to sources within the oil marketing companies (OMCs).
The final prices will be determined by the Oil and Gas Regulatory Authority (Ogra), taking into account global petroleum rates on June 13 and 14. Pakistan revises fuel prices every fortnight, considering fluctuations in international energy market costs and the rupee-dollar exchange rate, to manage the impact on domestic consumers.
Given that approximately 85% of Pakistan’s oil requirements are imported, the country has faced challenges regarding its balance of payments and the surge in inflation.
If approved, the price of petrol would decrease to Rs259.36 per litre from the current rate of Rs268.36 per litre. Similarly, high-speed diesel would be priced at Rs266.22 compared to the existing Rs270.22 per litre.
The federal government had previously slashed petrol and diesel prices by Rs4.74 and Rs3.86, respectively, on May 31.
Concurrently, the government has proposed a gradual increase in the petroleum development levy (PDL) from Rs60 to Rs80 for the upcoming fiscal year, commencing on July 1. Finance Minister Muhammad Aurangzeb clarified that the hike would not be sudden but implemented gradually.
