ISLAMABAD: In view of the strict instructions of the Prime Minister, there is a possibility of a major reduction in the prices of petroleum products in the country from June 20.

According to the working paper of the Petroleum Division, PS and OGRA, after the strict instructions of the Prime Minister, petroleum products are likely to become cheaper by more than Rs 55 per liter.

According to sources, the Prime Minister directed the Federal Minister for Petroleum to rectify the increase made on March 7, after which the government is trying to find a way to reduce it by more than Rs 55 per liter.

Prime Minister Shehbaz Sharif was not satisfied with the increase in prices on March 7.

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It should be noted that Arab Light crude oil has decreased by $ 16 in a week to $ 80 per barrel.

On the other hand, there has been a stir among oil companies over a possible reduction, on which lobbying has been started to stop the sudden reduction. Some companies are trying to reduce prices in stages instead of a sudden reduction of Rs 55.

The benchmark for petroleum product prices in Pakistan is Arab Light crude oil.