Govt Cuts Price of Petrol by Rs. 14 Per Liter, Diesel Down Rs. 13.50

In a slight relief for inflation-stricken masses, the federal government has announced a cut in the prices of petroleum products. The price of petrol has been reduced by Rs. 14 per liter while the price of high-speed diesel has been cut by Rs. 13.50 per liter. The new price of petrol will be Rs. 267.34 per liter while the new price of high-speed diesel will be Rs. 276.21 per liter. Similarly, the price of kerosene has been cut by Rs. 10.14 per liter to Rs. 191.02, while the price of light diesel oil has been reduced by Rs. 11.29 to Rs. 164.64. The new prices will be effective from December 16. The Sensitive Price Index (SPI)-based inflation for the week ended December 14, 2023, increased by 43 percent on a year-on-year basis, according to the Pakistan Bureau of Statistics (PBS). The major factor in the high weekly inflation number is the recent massive increase in gas charges, however, the slight cut in petroleum products will also provide some relief to the consumers. It is pertinent to mention here that the caretaker government kept the price of petrol unchanged at the last fortnightly review while the price of high-speed diesel was cut by Rs. 7 per liter.