ISLAMABAD: The interim government is set to offer considerable relief to the public by slashing petrol prices from December 16 for 15 days.
Due to a significant decline in global petroleum rates, the government has decided to extend this benefit to the nation during the upcoming biweekly review scheduled for December 15. New rates will be notified around 12 midnight on Friday.
There’s an expectation of a significant decline in petrol prices by approximately Rs12 per litre and a Rs16 decrease for diesel.
Since Monday, oil prices took a dive due to concerns about oversupply, despite OPEC+ cuts, and the anticipation of softer fuel demand growth in the upcoming year.
The price decrease marked the seventh consecutive week of declining prices, the longest such streak since 2018, driven by persistent worries about oversupply.
Until December 15, the interim federal government had maintained the petrol price at Rs281.34 per litre.
The current prices for various petroleum products are regularly recalculated in Pakistan every fortnight, considering fluctuations in international energy markets and the rupee-dollar exchange rate to minimize the impact on local consumers.
In this week, the international crude oil prices have dropped to $75 per barrel, from $85 level a week before and this will be beneficial for all the consumers.
