ISLAMABAD: The government is likely to reduce petroleum product prices from December 16 for the next fortnight, following a continued decline in global oil prices. Overall, prices may fall by up to Rs11.70 per litre, offering potential relief to consumers.
According to sources, the chances of a significant reduction in petrol prices are relatively low, while a notable cut is expected in the price of high-speed diesel (HSD). The government is currently reviewing the price adjustments for petroleum products for the next 15 days, effective from December 16.
Based on available data from the past 12 days, petrol prices are expected to decrease marginally by around Rs0.36 per litre. In contrast, the price of high-speed diesel may see a substantial reduction of up to Rs11.85 per litre due to lower crude oil prices in the international market.
Sources said that the sustained decline in global crude prices has created room for an overall reduction of up to Rs11.70 per litre in petroleum products, which could provide significant relief, particularly to the transport and agricultural sectors.
The final decision on prices will be announced by the federal government after reviewing recommendations from the Oil and Gas Regulatory Authority (OGRA). The new prices are expected to come into effect from December 16.
