ISLAMABAD: The federal government reduced the price of diesel and kerosene while the price of petrol remained unchanged for the next 15 days.
The interim government said the petrol prices will hold steady at Rs281.34 for the next fortnight, starting December 1.
However, diesel price was reduced by Rs7 per liter to Rs289.71, reflecting the decline in global oil rates.
Furthermore, the cost of kerosene oil was trimmed by Rs3.82 per liter to Rs201.16, and the price of light diesel oil was adjusted down by Rs4.52 per liter to Rs175.93.
Earlier today, the government implemented a 1.5% reduction in the price of liquefied petroleum gas (LPG), while domestic cylinder rates showed an increase of Rs45.18 according to the notification.
In recent weeks the government had already decreased petrol and diesel prices by Rs2.04 and Rs6.47, respectively, as part of the regular fortnightly revisions.
In the last two months, the government reduced petrol prices by Rs 50 a liter, but except motorists the masses did not get any relief in consumer items prices and the public transport fares.
Meanwhile, Oil prices experienced a decline on Thursday following an earlier rise of over 1%. This rise was due to OPEC+ oil producers’ agreement to voluntary output cuts approaching 2 million barrels per day (bpd) for the early part of next year. Each country announced its voluntary cut separately.
By 11:30 a.m. EDT (1630 GMT), Brent crude futures for January dropped by 50 cents, marking a 0.6% decrease to $82.60 a barrel. The front-month Brent contract, with a roughly 6% decrease over the month, was set to expire later on Thursday.
