The government is likely to decrease the price of petroleum goods in order to bring relief to inflation-weary citizens ahead of the upcoming federal budget 2023-24, which is slated to be announced on June 9.
The price of petrol is likely to fall by Rs10 per litre from June 1 due to a drop in the ex-refinery price.
According to industry officials, the ex-refinery price of petrol will fall by Rs10-12 over the next two weeks, but the exchange rate adjustment will only allow the government to pass on up to Rs10 per litre alleviation.
“The ex-refinery price of diesel for the next review is showing a Rs4-5 per litre decrease, and the government may pass on this impact in the upcoming fortnightly review,” an industry official said.
During the previous price review, the government decreased the price of diesel by Rs30, lowering the price per litre from Rs288 to Rs258. Similarly, the price of petrol was reduced by Rs12 to Rs270 per litre from Rs282 previously.
According to officials, globally oil prices did not fall significantly and marginally climbed throughout the fortnight, while the currency rate in the interbank market did not change significantly.
The government has been pressed to lower petroleum costs, which have been steadily rising in recent months. The recent drop in global oil prices has offered some comfort, but the government is still struggling to keep costs low.
On May 31, the new petroleum prices will be published.