Rs5 per litre cut likely in petrol price from June 1

The prices of petroleum products are likely to decrease further from June 1.

According to sources, petrol may be cheaper by Rs5 per litre due to reduction in the prices of petroleum products in the international market.

They added that diesel prices are also expected to decrease by Rs4 per litre, but the final decision on the prices of petroleum products will be taken by the prime minister, which will be announced on May 31.

Sources say that the next two days are important in making a final decision as the OGRA summary will come on May 31 after which the finance ministry will make the final decision in consultation with Prime Minister Shehbaz Sharif.

It should be noted that on May 15, the prices of petroleum products were significantly reduced for the next 15 days, in which the price of petrol was reduced by Rs15.39, the price of high speed diesel was reduced by Rs7.88 and the price of light diesel oil was reduced by Rs7.54 per litre.