Govt likely to announce further reduction in fuel prices M Haris

ISLAMABAD:  The federal government is expected to ease the financial burden on consumers by reducing petrol prices by up to Rs9 per litre starting June 16.

Reports indicate that diesel and kerosene prices may also decrease, with reductions of Rs4 and Rs2 per litre, respectively. Earlier this month, the government had already reduced petrol and high-speed diesel (HSD) prices by Rs4.74 and Rs3.84 per litre.

It is now anticipated that a further reduction of Rs12 per litre for petroleum products could be implemented from June 16, reflecting the downward trend in global oil prices.

Sources suggest that the final decision will be based on global oil prices as of June 13 and 14, calculated by the Oil and Gas Regulatory Authority (Ogra).

This potential price cut is part of the government’s ongoing efforts to shield consumers from the impacts of volatile international energy markets and fluctuations in the rupee-dollar exchange rate.

Earlier, during a post-budget press conference in Islamabad, Foreign Minister Muhammad Aurangzeb mentioned that the Petroleum Development Levy (PDL) would be increased gradually in line with international oil prices