Pakistan sharply cuts petroleum prices effective from Dec 16, 2022

ISLAMABAD: Pakistan on Thursday sharply reduced the prices of petroleum products for next fortnight effective from December 16, 2022.

Finance Minister Ishaq Dar in a message announced the prices for next fortnight. According to him the high speed diesel price has been reduced by Rs7.5 per liter to Rs227.80.

The price of petrol has been reduced by Rs10 per liter to Rs214.80. The price of kerosene oil has been reduced by Rs10 to Rs171.83. And the price of light diesel oil has been reduced by Rs10 to Rs169.

Experts believed that the government had reduced the prices of petroleum products in the wake of sharp decline in oil prices in global markets.

Benchmark Brent crude is ended at $76 per barrel in the international trade. The Brent crude has hit above $120 per barrel during mid-June this year and now fell to the present level leaving ample room to the present government to revise downward the prices to provide relief the domestic consumers.

An energy expert told PkRevenue that the country would revise the petroleum prices for the next fortnight amid sharp fall in international oil prices.

However, on the other hand the depreciation in rupee value and imminent imposition of sales tax on petroleum products the benefit of decline in international oil prices may not pass on to domestic consumers.

The government on December 01, 2022 revised the latest petroleum prices. According to a notification, the prices of petroleum products with effect from December 01, 2022 till December 15, 2022 are be as follows:

Petrol price will be remained unchanged at Rs224.80 per liter.

The rate of high speed diesel (HSD) will also be remained unchanged at Rs235.30 per liter.

The price of kerosene has been reduced by Rs10 per liter to Rs181.83 from Rs191.30.

Likewise, the price of light diesel oil has been reduced by Rs7.50 per liter to Rs179.00 from Rs186.50.