The government has decided to maintain the prices of petroleum products as notified on 15 November 2021.
According to a statement issued by the Finance Division, the prices of petroleum products will remain unchanged with immediate effect from 1 December onwards.
The current price of petrol stands at Rs. 145.82 per liter, whereas the per-liter prices of diesel, kerosene oil, and light diesel are Rs. 142.62, Rs. 116.53, and Rs. 114.07, respectively.
All these prices have stayed the same for the past 15 days as well, when the finance division issued a statement for the same on November 15, 2021.
The decision comes amid speculation that the government may revise petroleum prices for the next 15 days owing to uncertainty in global oil prices. However, prior to the Finance Division’s announcement of today, the Oil and Gas Regulatory Authority said last week that there would be no change in prices of petroleum products on December 1, 2021.
While today’s announcement should come as a relief for many, it should be noted that global oil prices increased on Monday on speculation that the Organization of Petroleum Exporting Countries (OPEC) may suspend production in response to the spread of Omicron.
Prices jumped over 5 percent as investors looked for bargains, recovering from last Friday’s slump that saw the biggest one-day fall since the early days of the coronavirus pandemic. Although this argument might stand little merit in the face of potential price hikes in the next cycle for revision, chances are anything is possible as the overall market outlook remains uncertain.