According to Industry officials, the government is likely to lower the price of petroleum products in order to provide relief to the inflation-weary people ahead of the upcoming federal budget 2023-24, which is expected to be announced on June 9.
Due to a drop in the ex-refinery price, petrol prices are anticipated to drop by Rs10 per litre as of June 1.
The price of petrol ex-refinery is anticipated to decrease by Rs10-12 during the course of the upcoming two weeks, according to industry officials.
The government will only be able to provide assistance of up to Rs 10 per litre due to the exchange rate adjustment.
Industry Official stated:
“The ex-refinery price of diesel is showing a Rs4-5 per litre decrease for the next review and the government may pass on this impact in the upcoming fortnightly review.”
In the most recent price review, the government reduced the cost of diesel by Rs30, bringing down the price per litre from Rs288 to Rs258.
The cost of petrol was also reduced by Rs12, going from Rs282 to Rs270 per litre.
According to officials
According to officials, there was no discernible drop in the price of oil on the world market; in fact, it slightly climbed.
In addition, there were no significant swings in the interbank exchange rate throughout the course of the fortnight.
Petroleum prices have been steadily rising in recent months, and the government has come under pressure to reduce them.
Even though oil prices have recently declined globally, this has only provided a temporary reprieve, and the government is still fighting to keep costs low.
On May 31, new petroleum prices are expected to be revealed.
