Fluctuations in international oil prices are likely to prompt slight adjustments in the prices of petroleum products in Pakistan starting June 1.
According to sources, the oil industry has submitted a pricing proposal to the Oil and Gas Regulatory Authority (OGRA), which will then forward a summary to the Ministry of Finance by May 31 for consideration.
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The proposed changes suggest a possible reduction in petrol prices by Rs. 0.61 per litre and in high-speed diesel by Rs. 0.28 per litre. Conversely, kerosene could see a slight increase of Rs. 0.21 per litre, while light diesel oil may rise by Rs. 1.30 per litre.
The final decision will rest with the Prime Minister, following which the Ministry of Finance will release an official notification. Sources also noted that the government retains the discretion to modify taxes or provide relief on petroleum prices based on economic needs.
