A “big” drop in the price of gasoline is expected

• The next fortnightly review may give relief to the masses.
• Petrol price is expected to come down by Rs 13 per litre.
• Pakistan sets oil prices on a fortnightly basis.

Islamabad: Pakistanis are expected to get a “huge relief” as the caretaker government could potentially reduce the price of petroleum products from December 16, people familiar with the matter said. Geo News.

Citizens disclosed that since there was a fall in the price of petroleum products in the global market, the government could pass on the benefit to the nation in the December 15 fortnightly review.

The price of gasoline, according to Geo Newsis expected to be reduced by Rs 13 per liter and diesel by Rs 15 per liter – as the masses also hope for a price cut amid falling global prices.

Oil prices fell on Monday as concerns persisted over an oversupply of crude despite OPEC+ cuts and lower demand growth for the fuel next year. The price fell on Friday for a seventh straight week, the longest streak of weekly declines since 2018, on lingering concerns about oversupply

The caretaker federal government had kept the price of petrol at Rs 281.34 per liter till December 15.

However, the price of high-speed diesel (HSD) was reduced by Rs 7 per litre, while kerosene oil was reduced by Rs 3.82 per litre. Light diesel fell by Rs 4.52 per litre.

The country sets fuel prices on a fortnightly basis after assessing the fluctuating cost of the international energy market and the rupee-dollar exchange rate to pass on the impact to domestic consumers.