ISLAMABAD -UNS: With the cheaper Russian oil expected to reach Pakistan in the first week of next month, the coalition government is expected to further slash the prices of petroleum products with effect from June 1, providing another relief to the poverty-stricken masses.
The government is expected to announce the move on May 31, as the prices are revised fortnightly – on 15th and the last day of each month. The expected reduction will follow a decline in the ex-refinery prices of petroleum products.
Experts say the petrol price will be slashed by Rs10 per litre and that of high speed diesel by Rs5 as the ex-refinery rates of petroleum products are witnessing a downward trend – Rs10 to Rs12 for petrol and Rs5 to 6 for diesel. However, the new prices would be set by adjusting the exchange rate difference.
The expected decision will be a great relief for the inflation-hit masses who are experiencing a record price hike for essential commodities, especially food items. And this food inflation is higher for the rural population when compared with the urban.
