ISLAMABAD – The caretaker setup is likely to cut the price of petrol and diesel for the first half of December 2023 in light of price fluctuations in the global market.
Inflation-weary Pakistanis are expecting another sigh of relief as oil prices in international market dropped, and it could help the government lower petrol and diesel prices for the next fortnight.
Sources familiar with the development claim that the government is likely to cut the prices of petrol and diesel up to Rs20 per litre, and the expected price is supposed to be around Rs260.
The federal government has not hinted at any discount and it will announce revisions in petroleum prices on November 30.
Earlier this month, Kakar-led government announced a drop in price of petrol by Rs2.04 per litre, diesel by Rs6.47 per litre, kerosene oil by Rs6.05 per litre and light-speed diesel (LSD) by Rs9.01 per litre.
Globally, crude oil witnessed a notable downturn, with the per barrel price moving below $60. British Brent also moved down amid negative cues.
In a similar development, the government has decided to revise petroleum prices weekly, ending the current fortnightly pricing mechanism. Oil and Gas Regulatory Authority (OGRA) takes weekly revisions in fuel prices under consideration to address challenges faced by the oil industry, particularly in mitigating inventory losses.
Before taking the major step, the caretaker government has sought recommendations from all stakeholders and the Petroleum Dealers Association.
Pakistan considers revising petrol prices weekly to end oil industry s woes
