Petrol price likely to be slashed by Rs9 per litre

The government is likely to slash the petrol price by up to Rs9 per litre from June 16.

The oil marketing companies indicate a possible reduction of approximately Rs9 per litre in petrol prices and Rs4 per litre in diesel prices.

According to a report, the price of kerosene is estimated to decrease by Rs2 per litre. The final price of petroleum products will be determined by OGRA based on the global prices on June 13 and 14.

If the new rate approved, the price of petrol will drop from the current rate of Rs268.36 per litre to Rs259.36 per litre. High-speed diesel will be sold at Rs266.22 per litre, down from the existing Rs270.22 per litre.

Additionally, the government has proposed raising the petroleum development levy (PDL) from Rs60 to Rs80 per liter for the next fiscal year, starting July 1.