The next fortnightly review is likely to see a drop in petrol and diesel prices of up to Rs5 per liter.
According to officials from the Petroleum Division, diesel is anticipated to see a reduction in price of Rs4 per litre, while the price of gasoline is anticipated to drop by Rs5. But, they stressed that any modification in fuel prices must occur within the next two days since on May 31, the Finance Division would get a report from the Oil and Gas Regulatory Authority (Ogra).
Following consultations between Prime Minister Shehbaz Sharif and the Ministry of Finance, a final decision about the pricing of petroleum products will be made.
This would be the third straight decrease in fuel costs if authorized.
The federal government granted a significant reduction in petrol prices earlier this month of Rs. 15,39 per litre and Rs. 788 per litre for diesel.
At the moment, a liter of petrol costs Rs273.10, while a litre of diesel costs Rs274.08.
Every 15 days, Pakistan updates its petroleum product pricing to reflect changes in the trend of worldwide oil prices as well as changes in the rupee’s value in relation to the US dollar. The value of the Pakistani rupee has been stable lately.
Pakistan imports over 85% of its oil needs, and the nation has been grappling with a balance of payments issue as well as rapidly rising inflation, which reached 17.3% year over year in April.
