ISLAMABAD: Federal government will likely to cut the petroleum price by Rs 10 per litre or 10 percent for the month of July sources said.

On Friday, federal government announced to increase the price of petrol by Rs 25.58 per liter with effect from June 26 to July 31, 2020 in line with the hike in 112 percent hike in global crude oil prices.

The government claimed that they spread the impact of petroleum product internationally by spreading on 35 days rather than a month. However, the government did not reduced the petroleum levy and general sale tax (GST) but increased the ex-refinery prices of petrol to Rs 45.85 per litre from Rs 23.99 per litre in June 1 or 47 percent increase.

Copyright Business Recorder, 2020