The Pak government is mulling over reducing the prices of petroleum products. There is a high chance that the prices of petroleum products will be reduced in the month of July by Rs5 to Rs12 for a litre of petrol.
The government has faced huge criticism after the price hike in the month of June by Rs.25. The reaction of the public and the extreme backlash faced by the government has compelled it to reconsider and revise the petrol prices.
The government is pondering to reduce the petroleum product prices by reducing the levy on the petroleum.
Back on 26th June, the petrol prices surged by Rs.25.58 per litre and it was being sold at over Rs. 100 per litre.
Sources in Finance Ministry have revealed that a proposal is being given and considered to provide people with relief via a reduction in the petroleum levy.
If this proposal gets approved by the relevant authorities, chances are that petroleum product prices will be reduced by Rs.5 to Rs. 12 per litre. Currently a petroleum levy of Rs.30 per litre is charged on petrol and high-speed diesel as per the officials.
Jamaat-e-Islami challenged the price increase in petroleum products in the Islamabad High Court. It will be heard today on Wednesday.