Petrol, diesel prices likely to see up to Rs55 per litre decrease

A significant reduction in prices of petroleum products is expected from June 20, according to media reports.

Citing a working paper prepared by the Petroleum Division, OGRA and PSO, the reports said that petrol and other petroleum products could become cheaper by more than Rs55 per litre.

They said Prime Minister Shehbaz Sharif has directed the Petroleum Minister to reverse the impact of the March 7 price increase, after expressing dissatisfaction over the earlier hike.

Officials are reportedly exploring options to implement the reduction, with discussions ongoing within relevant departments on how to adjust prices in line with global trends.

The move comes amid a sharp decline in international crude oil prices, with Arab Light crude reportedly falling by $16 in a week to around $80 per barrel.

Industry sources said oil marketing companies have become active over the proposed cuts, with some lobbying for a phased reduction instead of a single large decrease of Rs55 per litre.