Web Desk
In an effort to ease the burden of inflation on the public, the government is preparing to lower the prices of petroleum products before the upcoming federal budget announcement, as reported by industry officials.
It is anticipated that the price of petrol will be reduced by Rs10 per litre starting from June 1, owing to a decrease in the ex-refinery price. However, the officials noted that due to exchange rate adjustments, the government can only pass on relief of up to Rs10 per litre.
Furthermore, the ex-refinery price of diesel is expected to decrease by Rs4-5 per litre in the next review, and the government may implement this reduction in the upcoming fortnightly review.
Although global oil prices have not witnessed significant declines and there have been no major fluctuations in the interbank exchange rate during this period, the government has been under pressure to lower petroleum prices. While there has been some respite from the recent decrease in global oil prices, maintaining price stability remains a challenge. The new petroleum prices will be announced on May 31.
