KARACHI: Owing to a decline in global prices, Prime Minister Shehbaz Sharif-led government is likely to slash the prices of petroleum products by up to Rs27 per litre, industry sources told Geo News Monday.
The price of diesel is likely to drop by Rs27 per litre while the price of petrol is expected to go down by Rs17 per litre, estimates of oil marketing companies (OMCs) showed.
In its last fortnight bulletin, the federal government slashed the price of diesel by Rs5 per litre while keeping the price of petrol unchanged.
In a televised address, Finance Minister Ishaq Dar said the prices had been worked out to provide “maximum relief” to the masses on the instructions of PM Shehbaz.
The financial czar had also announced a Rs10 per litre reduction in the prices of Kerosene oil and Light Diesel Oil (LDO) each.
Following the notification, petrol was available at Rs282, HSD Rs288, kerosene oil at Rs176.07 and light diesel oil at Rs164.68 per litre.
The prices came into effect on May 1 and will remain in place till midnight today (May 15).
The Finance Division will announce the new rates today, remaining in place for the next 15 days.