ISLAMABAD: Prices of petroleum, oil and lubricant products are likely to go down by up to Rs 6 per litre from July 1, it is learnt.

According to latest calculations by Oil and Gas Regulatory Authority (Ogra), petrol price may go down by Rs. 3 per litre, High Speed Diesel (HSD) Rs. 1.75 per litre, High Octane Blending Component (HOBC) Rs. 6 per litre, kerosene Oil Rs. 2 per litre and Light Speed Diesel Oil (LDO) Rs. 1.5 per litre.

According to petroleum ministry sources the price of crude oil has been decreased by $ 4 per barrel in the international market during past eight days and prices are expected to reduce further. Therefore, Pakistan is also considering revising oil prices as the country is following the international trend and it has deregulated the prices of POL products.

Officials told Business Recorder that Ogra after calculating final full impact of the international reduction in POL prices would forward a summary to the petroleum ministry on June 27.

On June 16, the government reduced HOBC price by Rs 11.75 per litre, petrol Rs10.46 per litre, kerosene oil Rs 5.26 per litre, HSD Rs6.08 per litre and LDO Rs 5.02 per litre.