A significant reduction in petroleum product prices is expected at the start of the new year, which could provide major relief to the public and is being described as a possible New Year’s gift from the government.
According to sources, petroleum prices may be reduced by up to Rs 10.60 per litre. Officials in the Ministry of Finance said that a proposal has been prepared to reduce the price of petrol by Rs 10.60 per litre from January 1, which could directly benefit consumers across the country.
Sources said that the price of high-speed diesel is also expected to decrease by Rs8.59 per litre, while kerosene oil may become cheaper by up to Rs9 per litre, offering relief particularly to lower-income households.
Similarly, a reduction of Rs6.62 per litre has been proposed for light diesel oil, which is expected to ease fuel costs for the agricultural and transport sectors.
According to officials, the Oil and Gas Regulatory Authority will submit its working paper to the government on Tuesday, after which a final decision on changes in petroleum prices will be taken following approval from the prime minister.
