ISLAMABAD – Consumers may get some relief amid skyrocketing inflation asthe government is likely to cut the price of petrol by Rs11 per litre inwake of a decline in international rates of crude oil from December 16.
Reports in local media said the petroleum prices in the South Asian countryare expected to decrease amid rising Covid cases around the world thatreduced crude demand as new doubts emerged about the effectiveness ofvaccines against the Omicron variant.
Likewise, the price of diesel is also expected to decrease by Rs9 perlitre, reports quoting well-informed sources claimed. The government willfinalise the prices of petroleum products after either raising or loweringthe tax rates.
The final decision in this regard will be taken by the Ministry of Financeafter the approval from the premier and new prices will come into effectfrom December 16.
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Last month, the government announced to maintain the prices of petroleumproducts including petrol unchanged till December 15. The new price ofpetrol reached Rs145.82 per litre with the surge in the international market.
