Just a week after the recent reduction in petrol prices, there is yet another promising update.
According to media reports, the prices of petroleum products are expected to decrease significantly by Rs. 12 per litre from June 15, for the upcoming fortnight.
This will be the fourth time in a row that the public will see a decrease in petroleum prices due to a drop in international oil prices.
The reports added that following the recent drop in diesel and petrol prices, now at $93.88 and $89 per barrel, respectively, might lead the government to reduce local fuel prices.
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Since April 16, the price of petrol has decreased by Rs. 24 per litre and high-speed diesel (HSD) by Rs. 20 per litre.
Earlier this month, despite PM Shehbaz Sharif‘s directive to cut the petrol price by a massive Rs. 15 per litre, the finance minister slashed it by just Rs. 4.74.
According to media sources, the abrupt revision of petrol prices on June 1 was due to a major dispute between the prime minister and the finance minister. The finance minister persuaded the prime minister to reconsider the decision during discussions with the IMF.
It should be noted that the government has already imposed the maximum allowable petroleum levy of Rs60 per liter on both petrol and high-speed diesel (HSD), resulting in a collection of Rs720 billion in the first nine months ending March 31.
