Web Desk 
May 29, 2024
The government is expected to slash the prices of petroleum products by up to Rs 5 per litre on May 31 for the upcoming fortnight.
Geo News, citing sources in the Petroleum Division, reported that the price of petrol is expected to come down by Rs5 per litre while Rs4 per litre price deduction is expected in diesel prices.
However, the sources said that the final decision will be taken after consultations with Prime Minister Shehbaz Sharif in the next two days as the Oil and Gas Regulatory Authority (Ogra) will forward the summary to the Finance Division on Friday.
If approved, this will be the third consecutive reduction in the fuel prices.
Earlier this month, the federal government had approved a massive cut of Rs15.39 per lite in the petrol price and the price of diesel was reduced by Rs.788 per litre.
Currently, the petrol is available at Rs273.10 per litre while diesel is being sold at Rs274.08 per litre.
The prices of petroleum products are revised every 15 days in Pakistan adjusting them to the trend of global oil prices and the rupee’s exchange rate to the dollar. The Pakistani rupee has held steady recently.
About 85% of Pakistan's oil needs are imported, and the country has been struggling with a balance of payments problem and skyrocketing inflation, which was recorded at 17.3% year-on-year in April.
