Good news as petrol price likely to decrease by another Rs4 per litre

In an effort to give relief to inflation-hit masses, the government is expected to decrease the prices for petroleum products by up to Rs4 per litre for the next fortnight, sources said on Thursday.

Sources within the industry said that the reduction is likely due to a drop in the commodity in the international markets.

Well-placed sources said the price of petrol is likely to be reduced by Rs4 per litre, while Rs3.5 per litre deduction is expected in diesel price.

The government adjusts the prices of petroleum products every 15 days based on the recommendations of the Oil and Gas Regulatory Authority (OGRA).

In the last fortnight review, the government had decreased the price of petrol by Rs15.39 per litre and diesel by Rs7.88 per litre.

The current prices of petrol and diesel are Rs273.10 per litre and Rs274.08 per litre, respectively.

The Ministry of Finance will announce the new prices on the night of May 31 after consulting with Prime Minister Shehbaz Sharif.