The federal government plans to cut petrol prices by Rs8.50 per litre. This decision comes after a decline in global crude oil prices. Officials are optimistic that these changes can bring relief to consumers.
High-speed diesel prices are expected to decrease by Rs6.96 per litre. Additionally, kerosene oil may fall by Rs7.47, while light diesel oil could drop by Rs7.21 per litre. These adjustments reflect the current trends in the oil market.
The Oil and Gas Regulatory Authority (OGRA) will finalize its proposals today. After reviewing these proposals, the Ministry of Finance will issue an official notification. This step follows consultations with the Prime Minister to ensure a smooth transition.
Last month, the government increased the petroleum levy rate but kept fuel prices steady. Instead, they provided relief through lowered electricity rates. As global oil prices fluctuate, the government continues to adapt its strategies to benefit consumers.