Govt likely to reduce petrol price from May 1

Pakistanis are expected to get a minor relief as the government could possibly reduce the price of petroleum products from May 1, well-placed sources said on Thursday.

According to the sources, the government may decrease the petrol and diesel prices by Rs3.75 and Rs7.85 per litre, respectively, for the next fortnight.

The decline is expected due to a recent drop in the international oil prices as diesel and gasoline witnessed $4.3 a barrel and $1.86 a barrel, respectively, reduction.

The per-barrel price of petrol is $107.16 in the international market and diesel is $104.76.

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 two fortnight reviews, the government had hiked the price of petrol by Rs14.19 per litre.

The current prices of petrol and diesel are Rs 293.94 per litre and Rs290.38 per litre, respectively.

The Ministry of Finance will announce the new prices on the night of April 30 after consulting with Prime Minister Shehbaz Sharif.