Due to fluctuations in global oil prices, a minor revision in petroleum product prices is expected from June 1.
According to sources, the oil industry has submitted a working paper on petroleum prices to the Oil and Gas Regulatory Authority (OGRA). Based on this, OGRA will forward a summary of the proposed price changes to the Ministry of Finance on May 31.
Preliminary estimates suggest that the price of petrol may decrease by Rs. 0.61 per litre, while high-speed diesel may see a reduction of Rs. 0.28 per litre. On the other hand, the price of kerosene is expected to increase by Rs. 0.21 per litre, and light diesel oil may go up by Rs. 1.30 per litre.
The government will make the final decision in consultation with the Prime Minister, and the Ministry of Finance will issue an official notification after his approval.
Sources added that the government also holds the authority to adjust the level of relief or taxes on petroleum products as deemed necessary.
