Anticipated relief: Petrol Prices poised to drop by Rs 13

ISLAMABAD: A potential respite awaits consumers as petrol prices are expected to witness a decline on December 16.

The government, following its bi-monthly review of petroleum product prices, is likely to announce reductions, with media reports suggesting a noteworthy decrease.

Sources indicate that the price of petrol is projected to witness a substantial reduction of Rs 13 per liter, while diesel may see a decrease of Rs 15 per liter.

The Oil and Gas Regulatory Authority (OGRA) will forward a summary to the government for consideration, and a final decision on the revised prices is expected to be made before the scheduled implementation on December 16.

Hareem Shah tops Pakistan’s Google search list of 2023

This development follows the government’s decision not to reduce petrol prices on December 1, despite a decrease in diesel costs.

The downward trend in global oil prices has set the stage for a potential reduction in petroleum product prices in Pakistan, subject to the government’s final decision.

 As consumers await confirmation, the prospect of more affordable fuel offers a glimmer of relief amid economic uncertainties.

The dip in global oil prices has contributed to this potential relief for consumers, as the price of petrol per barrel dropped by $5.49 to $94.95, and diesel decreased by $5.13 to $100.05 in the international market.

Presently, the fuel prices in Pakistan stand at Rs 281.34 per litre for petrol and Rs 289.79 per litre for diesel. The government is set to make a final decision on the revised prices on December 15, and if approved, the new prices will be implemented from December 16.

This anticipated reduction in fuel prices comes as a response to the changing dynamics of the global oil market.