Petrol price likely to reduce by Rs6.50 per litre from June 1

In order to provide relief to the inflation-weary people, the government is likely to slash the price of petroleum products, industry officials said on Wednesday.

Well-placed sources said the price of petrol is likely to be decreased by Rs6.50 per litre, while a Rs7.50 per litre reduction is expected in diesel price.

Sources said the government intends to pass on relief to inflation-hit masses as the price of the commodity has dropped in the international markets.

According to sources, the prices of petrol and diesel had reduced by $3.25 and $2.10 per barrel, respectively, in the international market in the last fortnight.

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 fortnight review, the government had decreased the price of petrol by Rs15.39 per litre and diesel by Rs7.88 per litre.

The current prices of petrol and diesel are Rs273.10 per litre and Rs274.08 per litre, respectively.

The Ministry of Finance will announce the new prices on the night of May 31 after consulting with Prime Minister Shehbaz Sharif.