ISLAMABAD – Consumers may get some relief amid skyrocketing inflation as the government is likely to cut the price of petrol by Rs11 per litre in wake of a decline in international rates of crude oil from December 16.
Reports in local media said the petroleum prices in the South Asian country are expected to decrease amid rising Covid cases around the world that reduced crude demand as new doubts emerged about the effectiveness of vaccines against the Omicron variant.
Likewise, the price of diesel is also expected to decrease by Rs9 per litre, reports quoting well-informed sources claimed. The government will finalise the prices of petroleum products after either raising or lowering the tax rates.
The final decision in this regard will be taken by the Ministry of Finance after the approval from the premier and new prices will come into effect from December 16.
Petroleum prices to remain unchanged in Nov as PM Imran rejects Ogra summary
Last month, the government announced to maintain the prices of petroleum products including petrol unchanged till December 15. The new price of petrol reached Rs145.82 per litre with the surge in the international market.
