KARACHI: The government is expected to further cut petrol prices for the next fortnight from June 1, Geo News reported Wednesday citing industry sources.
According to estimates of oil marketing companies (OMCs), the prices of diesel and petrol are likely to drop by Rs5 per litre. Meanwhile, the sources also said that the government might keep the prices of petroleum products unchanged due to rupee depreciation.
A day earlier, industry officials told The News that the price of petrol is expected to go down by Rs10 per litre following a decline in the ex-refinery price.
They said that the ex-refinery price of petrol is showing a decline of Rs10-12 for the next fortnight, however, the exchange rate adjustment will allow the government to pass up to Rs10 per litre relief only.
"The ex-refinery price of diesel is showing Rs4-5 per litre decrease for the next review and the government may pass on this impact in the upcoming fortnightly review," an industry official said.
During the previous price review, the government reduced the price of diesel by Rs30, resulting in a decrease from Rs288 to Rs258 per litre. Similarly, the price of petrol was slashed by Rs12 to Rs270 from Rs282 per litre.
Officials said the global oil prices didn’t reflect any major decline whereas the exchange rate in the interbank market didn’t witness any major fluctuation during the fortnight.
The government has been under pressure to reduce petroleum prices, which have been rising steadily in recent months. The recent decline in global oil prices has provided some relief, but the government is still facing difficulty in keeping prices down.
The new petroleum prices will be announced on May 31.
High-speed diesel hiked from Rs277.45 per litre to Rs283.63, says Finance Division
Market gains more than 1,300 points during intraday trade
Criticising political leadership for defaulting on critical reforms, Arif Habib says this failure perpetuated...
PM Shehbaz says prime responsibility is to work tirelessly for making new IMF deal last one in country’s history
Minister says Pakistan needs to ensure structural reforms and bring self-sustainability
Islamabad aims to reduce its fiscal deficit by 1.5% to 5.9% in the coming year, heeding another key IMF demand