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KARACHI: Contrary to public expectations, prices of petroleum products are likely to fall by Rs.15-20 per litre only in the next 24 hours after a reduction in the cost of an oil barrel was witnessed in the international market.
After the government announced that the benefit of a reduction in fuel prices in the international market will be transferred to the masses soon, rumors in the people are circulating that the government is going to cut prices of petroleum products up to Rs. 50 per litre , but Sources familiar with the matter have said that the anticipated reduction in prices will be Rs. 15-20 per litre only.
According to a foreign media outlet, Brent crude was down at $99.16 a barrel, and US West Texas Intermediate crude fell to $95.72. After that, the government of Pakistan is considering lowering the prices of petroleum products.
Currently, the per liter price of petrol is Rs249.40 and diesel is being sold for Rs276 per liter.
It is pertinent to mention that the coalition government had increased the prices of petrol by Rs100 and diesel by Rs142 citing an agreement signed with the International Monetary Fund.
Earlier on Tuesday night, the premier also sought a summary from the Ministry of Finance and Petroleum recommending a reduction in petrol prices.
Recently, Pakistan Muslim League Nawaz (PML-N) Vice President Maryam Nawaz also announced during a jalsa in Jhang that Prime Minister Shehbaz Sharif would lower the prices of petrol and diesel within the next two days.