Oil prices in Pakistan are expected to see a significant reduction of up to Rs 12 per liter from December 16, according to official sources. The relevant agencies have completed the initial calculations and the proposal is now awaiting official approval.
Under the proposed adjustments, petrol is expected to become cheaper by 36 paisas per litre, while high-speed diesel may see a significant reduction of Rs 11.85 per litre. Similarly, the price of kerosene oil is likely to decrease by Rs 11.70 and light diesel oil by Rs 10.01 per litre.
The Oil and Gas Regulatory Authority (OGRA) is scheduled to forward a summary of the proposed price cuts to the government on December 15. After the Prime Minister’s approval, the Petroleum Directorate will issue an official notification.
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If implemented, the new petrol price will be Rs 263.09 per litre, while high-speed diesel will cost Rs 267.80 per litre. Kerosene oil is expected to cost Rs 181.16 per liter and light diesel Rs 153.76 per liter after the reduction.
The expected price cuts are expected to provide much-needed relief to consumers already burdened by the rising cost of living.
On November 30, the government had also reduced fuel prices by up to Rs 4.79 per liter for the fortnight ending December 15. According to a notification issued by the Petroleum Directorate, petrol was cut by Rs 2 to Rs 263.45 per litre, while high-speed diesel saw a reduction of Rs 4.79 to Rs25 per liter at Rs 279.
High-speed diesel is used extensively in the transport and agricultural sectors, meaning reductions have a large economic impact. Petrol, mainly used in motorcycles and cars, is consumed more in Punjab due to restrictions on the use of natural gas at CNG stations.
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