Pakistan likely to slash petrol price by Rs18 per litre

ISLAMABAD - The prices of petroleum products are likely to decrease after hitting the record high level as the Oil and Gas Regulatory Authority (OGRA) has proposed reduction in prices for the month of July.

Reports said that OGRA has proposed a decrease of Rs18 per litre petrol and Rs33 per litre diesel to the petroleum division.

The Ministry of Finance will announce change in petroleum prices after having consultation with Prime Minister Shehbaz Sharif.

The development comes a day after the premier announced to pass on the full benefits of the decreasing oil prices in global market to the people with full transparency.

He issued the directives while chairing a meeting on fuel prices, adding that the people spent a difficult time, and now they have the right to get full relief.

The premier said the government will take every step for provision of relief to the masses who suffered heavily because of inflation caused by the previous government.

The new prices are likely to come into effect from July 16.

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