Govt Likely to Reduce Petrol Price by Rs. 10 Per Litre

To alleviate the burden of inflation on the public ahead of the upcoming federal budget announcement, the government is planning to decrease the price of petroleum products, according to industry officials.

It is expected that the price of petrol will be reduced by Rs10 per litre from June 1 due to a decline in the ex-refinery price. However, the officials mentioned that the government can only pass on a relief of up to Rs10 per litre due to exchange rate adjustments.

Additionally, the ex-refinery price of diesel is also projected to decrease by Rs4-5 per litre in the next review, and the government may implement this reduction in the upcoming fortnightly review.

The global oil prices have not significantly declined, and there have been no major fluctuations in the interbank exchange rate during the period. The government has been facing pressure to lower petroleum prices, and while there has been some relief from the recent decrease in global oil prices, it remains challenging to keep prices stable. The new petroleum prices will be announced on May 31.