Amid a decrease in global crude oil prices, petrol price in Pakistan is expected to decrease by Rs5.50 per litre starting June 1, for a period of 15 days, Express News reported.

According to sources, the price of high-speed diesel (HSD) may see a reduction of Rs 4.30 per litre, while the price of light diesel oil (LDO) is anticipated to drop by Rs5.08 per litre.

They said that kerosene oil is expected to become cheaper by Rs2.15 per litre over the same period.

Sources indicate that the decrease in global crude oil prices will be passed on to the public. The Oil and Gas Regulatory Authority (OGRA) will submit its proposal to the government on May 31, based on the international market trends.

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Prime Minister Shehbaz Sharif will give the final approval for the new prices. The Ministry of Finance will then issue an official notification regarding the revised rates.

LPG price drops

Meanwhile, the price of liquefied petroleum gas LPG also saw a significant drop, with further reductions expected next week.

According to Irfan Khokhar, Chairman of the LPG Distributors Association, a dispute between local distributors and importers has resulted in the price falling from Rs250-240 per kg to Rs180-190 per kg.

He noted that as three ships carrying imported LPG arrived at Karachi port, OGDC reduced production costs. Another ship is expected to arrive in Pakistan within two to three days, likely leading to further price reductions.

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Khokhar criticised OGDC for reducing prices only to favour a few individuals. He claimed OGRA had set the price at Rs238 per kg, but the LPG mafia had been selling it for Rs240-250 per kg, with OGRA and other authorities remaining silent.

He said that OGDC decreased the production cost to Rs130,000 per metric tonne from Rs162,000 per metric tonne, filling all LPG storage. Consequently, LPG prices are expected to drop further next week.