ISLAMABAD: The petroleum products prices are likely to be reduced by up to Rs5 per litre on June 1, Geo News has learnt.

The Petroleum Division sources said on Wednesday that the per litre price of petrol is likely to go down by Rs5 while diesel is expected to be slashed by Rs4 per litre.

However, they said the next two days are important regarding any change in the fuel prices as the Oil and Gas Regulatory Authority (Ogra) will forward its summary to the Finance Division on May 31.

The final decision on the petroleum products prices will be made following the Ministry of Finance’s consultation with Prime Minister Shehbaz Sharif.

If approved, this will be the third consecutive reduction in fuel prices.

Earlier this month, the federal government had approved a massive cut of Rs15.39 per litre in the petrol price and the price of diesel was reduced by Rs.788 per litre.

Currently, petrol is available at Rs273.10 per litre while diesel is being sold at Rs274.08 per litre.

The prices of petroleum products are revised every 15 days in Pakistan adjusting them to the trend of global oil prices and the rupee’s exchange rate to the dollar. The Pakistani rupee has held steady recently.

About 85% of Pakistan’s oil needs are imported, and the country has been struggling with a balance of payments problem and skyrocketing inflation, which was recorded at 17.3% year-on-year in April.