KARACHI: Pakistan State Oil has decided to provide confessional rate on petrol during the holy month of Razman, a unique feature ever decided by the company.
PSO has slashed petrol price by Re1 per liter, keeping the price at Rs72.77 per liter as Ramazan package by reducing its profit.
Monthly consumption of petrol across the country has been increased to almost 500,000 metric tons since last year because of higher demand of the commodity owing to lower price compared to two years back.
Earlier on Saturday, Oil & Gas Regulatory Authority (OGRA) drafted a summary to decrease petroleum prices from 1st June. It has been recommended in the drafted summary that the petrol price should be reduced by Rs2.10 per liter.
In addition, a reduction of Rs1.80 per liter in high speed diesel and of Rs1.50 per liter in light speed diesel has been recommended in the summary drafted by the regulatory authority.
The price of Kerosene oil is also expected to fall by Rs3 per liter.
Sources revealed that new prices are expected to be implemented from June 1 after the Finance Ministry’s approval.