Islamabad, November 30, 2023 – Pakistan has declared a reduction in petroleum prices, with the exception of petrol, for the first half of December 2023. The decision comes as part of the government’s effort to address economic considerations and provide relief to consumers.
According to a notification issued by the finance division, the price of petrol will remain unchanged at Rs 281.34 per liter, effective from December 1, 2023. However, other petroleum products will experience a decline in their prices until December 15, 2023.
The government’s decision includes a 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 has been decreased by Rs 3.82 to Rs 201.16 per liter from Rs 204.98. Additionally, the price of light diesel oil has been lowered by Rs 4.52 to Rs 175.93 per liter from Rs 180.45.
The notification clarifies that these adjustments in petroleum product prices for the first half of December 2023 have been made based on the recommendations put forth by the Oil and Gas Regulatory Authority (OGRA). The new prices will come into effect from December 1, 2023.
This move by the government aims to strike a balance between the economic considerations of the country and the concerns of the general public. By revising the prices of specific petroleum products, the government endeavors to manage costs while ensuring that consumers benefit from the adjustments.
Petroleum product prices are a crucial aspect of the economic landscape, impacting various sectors and influencing the overall cost of living. Government interventions in adjusting these prices are designed to align with market dynamics, international oil prices, and regulatory recommendations.
Consumers and businesses will likely respond to these adjustments as they navigate their respective budgets and financial plans. The announcement of petroleum price reductions for the first half of December 2023 reflects the government’s commitment to addressing economic challenges and fostering a more stable and affordable environment for the citizens.
