ISLAMABAD: The federal government is likely to decrease prices of petroleum products after cut in oil price in international market.
However, the government is expected to push up prices of light diesel oil and kerosene oil, which is widely consumed by the poor, but reports of its mixing with diesel are doing rounds in the market.
The Oil and Gas Regulatory Authority (Ogra) has prepared its recommendations for monthly revision in petroleum product prices and sent them to the Ministry of Petroleum and Natural Resources.
According to its calculations, prices of petrol and high-speed diesel should be reduced by Rs2.3 and Rs3.2 per litre respectively. However, prices of light diesel oil and kerosene oil should be jacked up by Rs9.5 and Rs13.60 per litre respectively.
Price revision will be made after getting approval of Prime Minister Nawaz Sharif. New petroleum prices will come into effect from June 1, 2017.
