Govt likely to reduce petroleum prices on Eid

Government of Pakistan is likely to give a relief to the masses in petroleum prices on Eid-ul-Fitr as the prices in the international market have further decreased.

As per details, the price of petrol in the global market has decreased by $1.40, after which the price of petrol has decreased from $7.24 to

$5.84 per barrel, while the diesel has become cheaper by 60 cents in the global market.

According to market sources in Pakistan, considering the current global prices, the price of petrol in Pakistan may decrease by 3 rupees and 18 paise per liter, while the price of diesel may decrease by up to 3 rupees per liter, however the final decision will be made by the government on 31 March while revising the prices for next fortnight.

It may be recalled that on March 15, the government had kept petroleum prices unchanged despite a significant drop in the prices in the international market.

The masses had expected over Rs.10 per litre decrease in the prices in line with a cut in the prices in the international market, but government kept the rates unchanged by increasing the levy by Rs. 10 per litre.