Petroleum products prices expected to witness a major reduction on December 16

Petrol and diesel prices expected to witness a major reduction on December 16

Petrol and diesel prices in Pakistan are poised to experience a reduction in the upcoming week, with reports indicating a noteworthy decline.

The anticipated decrease amounts to Rs13 per litre for petrol and an even more substantial reduction of Rs15 per litre for diesel, slated for implementation on December 16, pending approval in the fortnightly review by the government.

It is expected that the official announcement regarding the revision of petrol and diesel prices will be made before 12 am on December 15, with the new rates set to take effect from 12 am on Saturday, December 16.

Insights into the global market reveal a decline of $5.49 per barrel in the price of petrol, bringing the current cost per barrel to $94.95.

Similarly, diesel has seen a reduction of $5.13, with its price now standing at $100.05.

As of the latest data, the existing petroleum prices in Pakistan are Rs281.34 per litre for petrol and Rs289.79 per litre for diesel for all cities including Lahore, Karachi, Islamabad, Sialkot, Faisalabad, Gujranwala Sheikhupura, Rawalpindi, Okara, etc.

It is noteworthy that despite previous speculation about a reduction in petrol prices during the last fortnightly review, no changes were implemented.

The current situation mirrors a similar scenario, with no official confirmation regarding the reduction in petrol prices on December 16.

The final decision will be communicated by the government in due course regarding the petrol price adjustment.

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