ISLAMABAD: Consumers across Pakistan were hoping for relief as petrol prices are likely to be reduced by up to Rs 8.50 per litre from April 16 due to the continuous decline in global crude oil prices.
According to sources in the Petroleum Ministry, the price of high-speed diesel is likely to be reduced by up to Rs 6.96 per litre in the next fortnight. Kerosene may become cheaper by Rs 7.47 per litre while light diesel may become cheaper by Rs 7.21 per litre.
Sources said that the oil industry has sent its work regarding the determination of prices of petroleum products to the Oil and Gas Regulatory Authority (OGRA), which has decided to send its final recommendations to the government by April 15.
The Finance Ministry was to issue a formal notification of the prices after consulting the Prime Minister.
Sources further revealed that the government may exercise its discretion to revise the proposed prices by adjusting taxes. Last month, the government announced electricity relief for the public, increased the petroleum levy rate, and maintained petrol prices.
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