Petrol price likely to be slashed by Rs3 from Aug 1

In a minor relief for the inflation-weary masses, the government is likely to slash the prices of petroleum products for the next fortnight, sources said on Saturday. 

According to sources, petrol and diesel prices are expected to decline by up to Rs9 per litre in the upcoming 15 days review.

The Petroleum Division sources said that the per litre price of petrol is likely to go down by Rs3 while diesel is expected to be decreased by Rs8.50 per litre.

The informers said that the decline is expected due to the rate fluctuation of commodities in the international market.

Petrol and High Speed Diesel, in the last fortnight, had witnessed a drop of $2 and $3 per barrel, respectively, in the international market.

Officials said the average price of petrol had decreased from $89.50 to $87.50 per barrel.

The price of HSD had also slashed to $94 from about $96.93 per barrel in the last fortnight.

However, the government will pass on the relief to the inflation-hit masses on August 1, sources added.

In the last two fortnight reviews, Prime Minister Shehbaz Sharif's government had increased the PoL prices by almost Rs17 per litre.

Currently, petrol is available at Rs275.60 per litre while diesel is being sold at Rs286.63 per litre.

The final decision on the petroleum products prices will be made following the Ministry of Finance’s consultation with PM Shehbaz Sharif.