The government has decided to reduce the prices of petroleum products by as much as Rs. 7.01, easing the burden on the country’s inflation-weary citizens, according to well-placed sources.
The prices of petroleum products will go down with immediate effect from 16 December onwards.
Starting from tomorrow (Thursday), the new price of MS petrol will be Rs. 140.82, as the government has announced a reduction of Rs. 5 per liter in its price.
High Speed Diesel (HSD) price has been reduced by Rs. 5 to Rs. 137.62 per liter, kerosene (SKO) by Rs. 7 to Rs. 109.53 per liter, and light diesel oil has been lowered by Rs. 7.01 to Rs. 107.06 per liter.
The rates have been lowered over some big shifts in the prices of petroleum products in the worldwide market.
The decision comes amid speculation that the government may revise petroleum prices for the next 15 days owing to uncertainty in global oil prices.
It is pertinent to mention that over the week, global oil prices have fallen gradually, citing rising evidence that supply expansion may surpass demand next year. According to Reuters, Brent crude futures were down 88 cents (1.2 percent) to $72.82 a barrel at 14:52 GMT, after losing 69 cents on Tuesday.
Experts have suggested that widespread limitations pertaining to global inflationary pressures will add more to the drop, resulting in continued weakness, and dealing with implied volatility in the oil market in the next months is now a possibility.
