In a favorable turn for those affected by inflation, government sources have indicated the potential reduction of petrol prices by up to Rs9 per liter starting June 16.
Diesel prices could see a decrease of Rs4 per liter, while kerosene oil might drop by Rs2 per liter, as per information from oil marketing companies.
Final prices, subject to calculation by the Oil and Gas Regulatory Authority (Ogra), will reflect global petroleum rates from June 13 and 14.
Pakistan revises fuel prices fortnightly based on international energy market fluctuations and currency exchange rates to mitigate the impact on consumers.
With 85% of oil needs imported, Pakistan grapples with balance of payments issues and soaring inflation.
If approved, petrol prices would decrease to Rs259.36 per liter from the current Rs268.36, and high-speed diesel would be priced at Rs266.22 compared to Rs270.22.
Previously, the government had reduced petrol and diesel prices by Rs4.74 and Rs3.86, respectively, on May 31.
Additionally, there’s a proposal to gradually increase the petroleum development levy (PDL) from Rs60 to Rs80 for the next fiscal year, starting July 1, as announced by Finance Minister Muhammad Aurangzeb.