News Desk
In a positive development for inflation-hit masses, the federal government could likely reduce the petrol price by up to Rs9 per litre from June 16, sources told Geo News on Thursday.
A reduction of rupees 4/litre, and also kerosene oil rates reduces rupees 2/litre is going to be announced by the sources from oil marketing companies.
The Oil and Gas Regulatory Authority (Ogra) will determine the final price on June 13 and 14, basing it on international petroleum pricing.
The government sets fuel prices every two weeks after assessing the impact on domestic customers of shifting global energy market prices and rupee-dollar parity.
Pakistan has been grappling with a balance of payments issue and rapidly rising inflation, with almost 85% of its oil needs coming from imports.
The current price of petrol would drop to Rs259.36 per liter if authorized, from Rs268.36 per litre. In the meanwhile, high-speed diesel will no longer be offered for Rs270.22 per litre, but rather for Rs266.22.
On May 31, the federal government cut the price of diesel and gasoline by Rs. 3,86 and Rs. 4,74, respectively.
Additionally, for the next fiscal year that starts on July 1st, there will be sudden increase from rupees 60 to rupees 80 introducedby the government increasing the petroleum development levy. According to Finance Minister Muhammad Aurangzeb, the rise will occur gradually as opposed to suddenly.
