Petrol price update: POL rates likely to go down from May 16

• Petrol price likely to go down by Rs17 per litre.
• Govt may slash diesel price by Rs27 per litre.
• Sources say global oil prices are weakening.

KARACHI: The price of petroleum products is expected to go down by up to Rs27 per litre effective from May 16 following the weakening of global oil prices, Geo News reported Monday citing industry sources.

According to estimates of oil marketing companies (OMCs), the price of diesel is likely to drop by Rs27 per litre while the price of petrol is expected to go down by Rs17 per litre.

In its last fortnight bulletin, the federal government slashed the price of diesel by Rs5 per litre while kept the price of petrol unchanged.

In a televised address, Finance Minister Ishaq Dar said the prices had been worked out to provide “maximum relief” to the masses on the instructions of Prime Minister Shehbaz Sharif.

The financial czar had also announced Rs10 per litre reduction in the prices of Kerosene oil and Light Diesel Oil (LDO) each.

Following the notification, petrol was available at Rs282, HSD Rs288, kerosene oil Rs176.07 and light diesel oil Rs164.68 per litre.

The prices came into effect on May 1 and will remain in place till midnight today (May 15).

The Finance Division will announce the new rates today which will remain in place for the next 15 days.