Petrol price likely to be slashed by Rs12 from Sep 16

The federal government is likely to reduce the prices of petroleum products for the next fortnight, sources said on Thursday.

According to sources, the reduction is expected due to the decline in crude oil prices in the global market.

The sources said the government might reduce the petrol and diesel prices by Rs12 per litre.

Meanwhile, kerosene oil and light diesel oil (LDO) prices are expected to be slashed by Rs8 and Rs10 per litre, respectively.

Ogra will send the final summary regarding petroleum product prices to the Ministry of Finance on September 14.

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

The new rates will be effective from September 16 to 30.

Currently, petrol is available at Rs259.10 per litre while diesel is being sold at Rs262.75 per litre.