Geo Business

Petrol, diesel prices likely to be slashed

ISLAMABAD: The prices of petrol and diesel are likely to be slashed effective July 1 in the backdrop of falling world crude prices. Sources privy to the oil and gas ministry said that petrol price likely to be reduced by Rs1.50 and diesel by Rs1.00 per litre, while kerosene, light diesel and high octane prices might go up by Rs1-1.50 per litre. Sources said that the crude prices in the international market during the last four months fell down by 19 percent. New York crude price was seen trading at $91.63 per barrel, while four months ago it was hovering over $113 per barrel. Besides, the sales tax cut from 17 to 16 percent effective July 1 would also help pave the way for reduction in the prices of petrol; and diesel. Federal minister for petroleum, Dr. Asim Hussain told Geo News that the oil depots of the oil refineries and oil marketing companies have been directed to remain open on Saturday and Sunday. He said that petrol was available 24 hours from the oil depots and petrol pumps could place orders whenever they like.