ISLAMABAD – The prices of petroleum products are likely to go down from May 16 as the coalition government planned to give a slight relief to the distressed public who are facing record inflation amid the worst economic crises.
Reports in local media suggest that for the second half of May 2023, the cost of gasoline would drop by Rs10 per litre.
It was reported that Oil and Gas Regulatory Authority (OGRA) has proposed a cut in the prices of petroleum products. In light of the reports, the price of petrol can be reduced by Rs10 per litre while the price of diesel is likely to be reduced by Rs8 per litre.
As OGRA has forwarded a summary to the government, Finance Minister Ishaq Dar and other officials will consult Prime Minister Shehbaz Sharif on the recommendations and the final decision will be announced today.
The new prices of petroleum products for the next fortnight will be applied after midnight on May 15.
Earlier this month, the federal government announced slashing the price of diesel by Rs5 per litre while the price of petrol remains unchanged. As of now, petrol is being sold at Rs282, HSD Rs288, kerosene oil Rs176.07 and light diesel oil Rs164.68 per litre.
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