In a positive development for inflation-hit masses, the federal government may reduce the petrol price by up to Rs9 per litre starting June 16.
The price of diesel is expected to drop by Rs4 per litre, while kerosene oil rates are likely to decrease by Rs2 per litre, according to oil marketing companies (OMCs) sources.
The final prices will be calculated by the Oil and Gas Regulatory Authority (OGRA) based on global petroleum rates from June 13 and 14.
Pakistan adjusts fuel prices on a fortnightly basis, considering fluctuating international energy market costs and the rupee-dollar exchange rate to reflect the impact on domestic consumers.
With approximately 85% of Pakistan’s oil needs being imported, the country faces a balance of payments problem and soaring inflation.
If approved, the price of petrol would decrease to Rs259.36 per litre from the current Rs268.36 per litre. High-speed diesel would be sold at Rs266.22, down from the existing price of Rs270.22 per litre.
The federal government had previously reduced petrol and diesel prices by Rs4.74 and Rs3.86, respectively, on May 31.
Additionally, the government has proposed increasing the petroleum development levy (PDL) from Rs60 to Rs80 for the next fiscal year starting July 1. Finance Minister Muhammad Aurangzeb has indicated that this increase would be gradual rather than implemented all at once.
