Petrol price likely to be slashed by Rs5 per litre today

In a minor relief to inflation-hit people, the government is expected to decrease the prices of petroleum products for the next fortnight, sources said on Tuesday.

Well-placed sources within the department said the price of petrol is likely to be slashed by Rs5 per litre, while Rs8 per litre reduction is expected in diesel price.

The decline is expected due to a recent drop in the commodity in the international market.

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.