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The government is likely to reduce the price of petrol by Rs 12 and diesel by Rs 9 after the local currency has gained some lost ground against the US dollar.
The Oil & Gas Regulatory Authority (OGRA) revises the prices of petroleum products every fortnight and has increased the rates over the last several months to comply with tough conditionalities imposed by the International Monetary Fund (IMF) for a package.
The increase in petroleum prices, along with an economic meltdown has pushed inflation to historic highs in Pakistan.
According to sources, the government is likely to decrease the price of petrol and high-speed diesel following the rupee’s gains against the greenback. The US dollar has depreciated by 5% so far from a high of Rs 307.10 in the interbank.
Now, it is expected that after working with the oil companies, the price of petrol per liter will be reduced to Rs 11.98, diesel per liter by 9 rupees and kerosene per litter will be decreased by Rs 5.58.
It is noted that in the international market, there is a decline in the price of one item and an increase in the other.
On September 30, the government will decide to reduce the prices of petroleum products, the sources added.
