A significant reduction in petroleum product prices is expected from June 20, with reports suggesting that the price of petrol could decrease by as much as Rs. 55 per litre.

According to sources, following a decline in global crude oil prices and easing geopolitical tensions in the Middle East, the government is considering a substantial cut in petrol and diesel prices.

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Reports indicate that the Ministry of Finance has proposed a reduction of Rs. 20 per litre in petrol prices and Rs. 36 per litre in diesel prices. However, an increase in the petroleum levy is also under consideration.

If the proposal is approved, consumers are likely to receive significant relief in fuel prices from June 20.

Globally, crude oil prices have continued to decline after a memorandum of understanding between the United States and Iran, and these effects are expected to be reflected in the local market as well.