ISLAMABAD: Pakistanis suffering from inflation are likely to receive major relief before Eid ul Adha, as prices of petroleum products are expected to see a significant reduction.
Starting June 16, petrol prices are expected to drop by Rs9.28, and diesel prices by Rs4.02.
Additionally, the price of kerosene oil is anticipated to decrease by up to Rs2.
Despite these reductions, the government is considering increasing the petroleum levy by up to Rs80 on petrol and diesel, as proposed in the federal budget for the next fiscal year, which takes effect from July 1. For now, however, the focus is on providing immediate relief with the current price cuts.
The recent decline in global crude oil prices has driven this expected reduction, benefiting Pakistani consumers.
The Oil and Gas Regulatory Authority (OGRA) will submit its recommendations on June 15, with Prime Minister Shehbaz Sharif providing the final approval.
The Ministry of Finance will issue the official notification on the new petroleum prices on June 15.
In other news, Punjab is set to unveil a Rs5.3 billion budget today. Finance Minister Aurangzeb has presented an Rs18.87 trillion budget amid opposition noise, and over Rs130 billion in subsidies have been proposed for various institutions, including KE.
