ISLAMABAD – The prices of petroleum products are likely to plunge from the start of next month in light of the decline of crude oil in the international market.
Sharif-led government is likely to slash fuel prices to pass on the global drop to distressed consumers as masses in the crisis-hit country are forced to pay soaring fuel prices, especially due to stern measures imposed by International Monetary Fund.
The price of petrol is expected to be cut by Rs4.30 to Rs5 per litre while the price of diesel is likely to be slashed by up to Rs20. Reports in local media suggest that a proposal to lower the price of kerosene by Rs13 per litre is also been considered.
The expected decrease in fuel prices is expected to bring a sigh of relief for the masses who are forced to pay Rs272 per litre for petrol as the government earlier soared the petrol prices by Rs5 per litre for the fortnight.
Meanwhile, the incumbent government is working to adjust fuel prices for the rich, which will allow people with two-wheelers and cars up to 800cc to get fuel at a cheaper price.
