The petrol prices in Pakistan are likely to see another decrease from June 1st,   sources said on Wednesday. The sources further said the prices of petrol and diesel are expected to decrease by Rs 5 and Rs 4 per liter, respectively. Sources said that the Ministry of Finance will announce the new prices after consultation with the Prime Minister. The Oil and Gas Regulatory Authority (OGRA) summary for the price reduction will be sent to the Petroleum Division by May 31st, sources added. Earlier on May 15, the federal government slashed petrol prices by Rs15.39 per litre for the next fortnight. According to the details, the Finance Ministry reduced prices of petroleum products after Prime Minister Shehbaz Sharif’s approval.

According to a notification issued, after a reduction of Rs15.39, the new petrol prices were fixed at Rs 273.1 per litre. The price of high-speed diesel (HSD) were decreased by Rs7.88 to Rs 274.8 per litre. The price of light diesel reduced by Rs 7.54 per liter, making the new price Rs 161.17 per liter whereas the price of the kerosene oil were reduced by Rs 9.86 per liter to Rs 173.48 per liter. It is pertinent to mention here that the International Monetary Fund (IMF) recommended the government of Pakistan to implement 18 percent General Sales Tax (GST) on food, medicine, petroleum products, and stationery.

Credit: Independent News Pakistan