PoL prices to be cut by Rs 1 to 7 from June 1st

The government would likely to cut the petroleum prices by Rs 1 to 7 per liter from June 7 as the commodity has got cheap in the international Gulf markets. According to Petroleum Ministry, petrol prices are down by 8 percent, diesel 4 percent and kerosene oil by 5 percent. Petrol is at the lowest of the previous five years and stands at $46 a barrel. OGRA has started considering to reduce the commodity prices, while the notification is likely to be out on May 31 in this regard.