Metro53 - The government has begun preparations for a possible reduction in petroleum product prices, and initial assessments suggest that citizens may receive significant relief in the upcoming fortnightly price review. According to sources, a preliminary report submitted to the government proposes a reduction of up to Rs. 3.70 per litre in petrol prices.
This expected cut aims to pass on the impact of fluctuating global crude oil prices to the public, offering much-needed respite to consumers already facing economic pressure.
The report further recommends a Rs. 4.28 per litre reduction in diesel prices, which could provide considerable relief to the transport sector. Lower diesel prices are also expected to reduce overall transportation costs of essential food items and other goods. Similarly, a decrease of 73 paisa per litre in kerosene and up to Rs. 6.35 per litre in light diesel oil has been suggested. These fuels are widely used in households and small businesses, making the proposed cuts a potentially welcome development for many.
Sources added that the final working for petroleum pricing will be submitted to the Ministry of Finance and other relevant departments on 30 November. After a detailed review, Prime Minister Shehbaz Sharif will give the final approval for the new prices. The official announcement will be made following government approval, in accordance with the new fortnightly pricing schedule.
Economists say that if these recommendations are approved, the public may experience noticeable relief over the next two weeks, which could help ease inflationary pressures. However, the final decision will depend on global oil market trends, the dollar exchange rate, and government tax policies.
