Prices of petroleum products are likely to reduce by up to four percent in the coming month.
According to sources, a decrease of four percent in the prices of petroleum products is expected as price of crude oil has reduced to $4 per barrel in the international market.
Petrol price will go down by Rs 3 per litre while a decrease of Re 1 is expected in the price of diesel. Kerosene oil price will reduce by Rs 1.50 and HOBC price by Rs 5 per litre.
Sources said that Oil and Gas Regulatory Authority (OGRA) will prepare the recommendations for the reduction in POL prices on June 27.
Some analysts believe that the government was continuing slashing POL prices to appease the public in the crucial election year.
On June 15, the government had cut petroleum and CNG prices that have worsened inflation and fuelled the fury of citizens over the past several months.
The prices of petrol was previously lowered by Rs 10.46 per litre, High Octane Blended Component (HOBC) by Rs 11.75 per litre, Kerosene Oil by Rs 5.26 per litre, High Speed Diesel (HSD) by Rs 6.08 per litre and Light Diesel Oil (LDO) by Rs 5.02 per litre.
Along with the cut in petroleum prices, the government had also slashed the price of CNG by Rs 4.82 per kg in Balochistan, Khyber Pakhtunkhwa and Potohar, and by Rs 4.37 in Sindh and Punjab.
The petroleum minister had said in a press conference that the Economic Coordination Committee (ECC) had decided to review oil and CNG prices on fortnightly basis to provide relief to the consumers.
“If the fortnightly mechanism proved successful, then the review of oil prices on weekly basis will be introduced,” he had said.
The government had also fixed the price of CNG at 60 percent of petrol for a year after consulting the CNG associations.
