Consumers may get some relief as the petroleum division has recommended a reduction in prices of fuel by up to Rs5 per litre, sources privy to the development told The Express Tribune on Monday.
The government had increased the prices of petroleum products during the last several months. Now, the prices are likely to come down for the next fortnight effective from September 1 to 15.
The petroleum division sources said a summary in this regard has been sent to the Ministry of Energy.
Prices of petrol and high-speed diesel (HSD) have been recommended to reduce by Rs3.50 per litre and Rs5 per litre respectively, as per the official summary.
The price of light diesel oil (LDO) has been recommended to be cut by Rs2 per litre and a nominal reduction of Re1 has been suggested in Kerosene oil price.
The sources said the petroleum division had prepared a summary of price reduction in accordance with the existing sales tax and petroleum levy.
Fuel prices could be further decreased by bringing down tax rates, they added.
The final decision in this regard will be taken by the Ministry of Finance after the prime minister’s approval and new prices will come into effect from September 1, the sources said.
On August 1, the government jacked up the price of petrol by Rs1.71 per litre effective following fluctuation in the global oil prices.
The new price of petrol reached Rs119.80 per litre and no change was made in the price of HSD. HSD, which is majorly used by the agriculture and transport sectors, is being sold at Rs116.53 per litre.
The price of LDO was also kept unchanged at Rs84.67 per litre. The commodity is primarily used by the industrial sector.
The price of kerosene oil was also increased by Re0.35 per litre to Rs87.49 per litre against Rs87.14 per litre.