The government is debating a reduction in petroleum product prices and expectations are that that prices may come down in July by Rs5 to Rs12 for a litre of petrol.
The government faced massive backlash following June’s Rs25 price hike. The public reaction has forced the government to rethink and revise petrol prices. The government is considering a petrol price reduction by reducing the levy on petroleum.
On June 26, the price of petrol was increased by Rs 25.58 per litre and it started to sell little over Rs100.
According to sources in the Ministry of Finance, a proposal to provide relief to the people through a reduction in the petroleum levy is being considered.
If it is approved, the prices of petroleum products are likely to be reduced by Rs5 to Rs12 per litre. According to officials, a petroleum levy of Rs30 per litre is currently charged on petrol and high speed diesel.
The government’s price hike has been challenged by the Jamaat-e-Islami in the Islamabad High Court and will be heard today (Wednesday).