Petrol Prices Expected To Decrease From June 1

The sources say that the prices of petrol and diesel are likely to drop by Rs5 and Rs4 per liter, respectively.

ISLAMABAD: (UrduPoint/UrduPoint / Pakistan Point News-May 29^th, 2024) Petrol prices in Pakistan are expected to decrease from June 1, the sources close to the development said on Wednesday.

The prices of petrol and diesel are likely to drop by Rs5 and Rs4 per liter, respectively.

The sources said the Ministry of Finance would announce the new prices after consulting with the Prime Minister.

They said that the Oil and Gas Regulatory Authority (OGRA) would send its summary for the price reduction to the Petroleum Division by May 31.

Earlier, on May 15, the Federal government reduced petrol prices by Rs 15.39 per liter for the following fortnight.

The Finance Ministry lowered the prices of petroleum products following approval from Prime Minister Shehbaz Sharif.

According to the official notification, the new petrol price was set at Rs 273.1 per liter after the reduction. The price of high-speed diesel (HSD) was decreased by Rs 7.88 to Rs 274.8 per liter.

The price of light diesel was reduced by Rs 7.54 per liter, making the new price Rs 161.17 per liter, while the price of kerosene oil was reduced by Rs 9.86 per liter to Rs 173.48 per liter.

It may be mentioned here that the International Monetary Fund (IMF) recommended that the government of Pakistan implement an 18 percent General Sales Tax (GST) on food, medicine, petroleum products, and stationery.