Pakistan has announced latest petroleum prices on December 12, 2023 for remaining days of first fortnight of December 2023.
These prices will be effective until December 15, 2023, paving the way for new price adjustments from December 16 to December 31, 2023.
As per the latest information from the Ministry of Finance, the revised prices are as follows:
• Petrol: Rs 281.34 per liter
• High-Speed Diesel (HSD): Rs 289.71 per liter
• Kerosene Oil (KSO): Rs 201.16 per liter
• Light Diesel Oil (LDO): Rs 175.93 per liter
These prices, announced earlier this month, are set to remain unchanged until the specified date, unless any modifications are made beforehand.
The government, in a proactive move, had previously reduced petroleum prices (excluding petrol) for the first half of December 2023. This strategic decision aligns with the government’s broader plan to address economic concerns and offer relief to consumers facing the challenges of increasing living costs.
Specific adjustments were made, notably a substantial reduction in the price of High-Speed Diesel (HSD) by Rs 7, bringing it down to Rs 289.71 per liter from the previous Rs 296.71. Similarly, the price of kerosene oil saw a decrease of Rs 3.82, settling at Rs 201.16 per liter from Rs 204.98. Additionally, the price of light diesel oil witnessed a reduction of Rs 4.52, reaching Rs 175.93 per liter from Rs 180.45.
The notification emphasizes that these adjustments align with the recommendations of the Oil and Gas Regulatory Authority (OGRA). These revised prices took effect from December 1, 2023, showcasing the government’s commitment to making regular adjustments based on market dynamics, international oil prices, and regulatory advice.
The government’s objective is to strike a balance between the economic considerations of the country and the concerns of the general public. Through these price revisions, the government aims to manage costs effectively while ensuring that consumers reap the benefits of these adjustments.
The fluctuation in petroleum product prices holds significance in the economic landscape, impacting various sectors and the overall cost of living. Government interventions in adjusting these prices are strategic, considering market dynamics and international oil prices, with a focus on aligning with regulatory recommendations.
Consumers and businesses are anticipated to respond to these adjustments as they navigate their budgets and financial plans. The government’s announcement of petroleum price reductions for the first half of December 2023 underscores its commitment to addressing economic challenges and fostering a more stable and affordable environment for citizens.
