Good news for inflation-hit masses as petrol price likely to drop by Rs9

In an effort to provide relief to inflation-stricken people, the federal government is likely to reduce the prices of petroleum products from August 15 for the next fortnight, sources said on Monday.

According to sources within the petroleum department, the price of petrol is expected to drop by Rs9 per litre, while the price of diesel may be decreased by Rs8.5 per litre.

Sources said kerosene oil could witness a decline of Rs12 per litre in the next 15 days review.

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

Ogra will send the final summary regarding petroleum product prices to the Ministry of Finance on August 15.

The ministry will announce the new rates after consulting with Prime Minister Shehbaz Sharif.

The new rates will be effective from August 16 to 31.

Currently, petrol is available at Rs269.43 per litre while diesel is being sold at Rs272.77 per litre.