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The federal government is expected to reduce petroleum product prices by as much as Rs8.50 per litre due to a notable dip in international crude oil prices.
According to media reports, petrol prices might be slashed by Rs 8.50 per litre, while high-speed diesel is expected to see a decrease of Rs 6.96 per litre this month.
The reduction isn’t limited to just petrol and diesel. Kerosene oil prices are also expected to go down by Rs 7.47, and light diesel oil could drop by Rs 7.21 per litre.
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The Oil and Gas Regulatory Authority (OGRA) is finalizing its summary and will send the proposal to the government today. A formal announcement is expected after approval from the Prime Minister’s Office.
READ: Crude oil prices hit 5-year low amid trade tensions
Officials at the Ministry of Finance say they may review and adjust the proposed prices further by revising petroleum levies or taxes, depending on fiscal priorities.
Last month, despite global oil hikes, the government kept petroleum prices stable by raising levies and compensating citizens through reduced electricity tariffs.
This time, the government appears ready to pass on the benefit of falling global rates directly to the public, easing the burden on transporters and daily commuters.
Sources suggest the price cut will be implemented by April 16 or 17, following final approval. The actual rates will depend on the final decision made by the Ministry of Finance.
Fuel price revisions in Pakistan are usually made on a fortnightly basis, depending on trends in global markets and currency exchange rates.
