Petrol price likely to reach Rs256 per litre ahead of Eid-ul-Adha

Prime Minister Shehbaz Sharif-led government is expected to further slash the prices of petroleum products ahead of Eid-ul-Adha, sources said on Friday.

Well-placed sources within the Finance Ministry said the price of petrol is likely to be reduced by Rs12 per litre.

However, the price of high-speed diesel will remain unchanged for the next fortnight.

According to sources, the price of petrol had reduced by $5.14 per barrel to $89 per barrel in the international market.

The government will pass on the relief from the reduced international prices to the inflation-hit people, sources added.

In the last fortnight review, confusion arose when the government shared two notifications for the revised petroleum prices.

The government had slashed the prices of petrol and diesel by a massive Rs15.4 a litre and diesel by Rs7.9 a litre, respectively, in the first notification issued by the Prime Minister's Office.

In the second statement issued by the finance ministry, the new prices of petrol and diesel were mentioned at Rs268.36 and Rs270.22 with a reduction of Rs4.74 per litre and Rs3.86 per litre, respectively.

Later, PMO admitted its mistake that it had issued the old notification.

The current prices of petrol and diesel are Rs268.36 per litre and Rs270.22 per litre, respectively.

It's expected to reach Rs256 per litre if the government approves a Rs12 per litre reduction.

However, the Ministry of Finance will announce the new prices on the night of June 15 after consulting with Prime Minister Shehbaz Sharif.