Petroleum prices in Pakistan are expected to see a significant reduction of up to Rs12 per litre from December 16, according to official sources. The relevant departments have completed initial calculations, and the proposal is now awaiting formal approval.

Under the proposed adjustments, petrol is expected to become cheaper by 36 paisas per litre, while high-speed diesel may see a substantial reduction of Rs11.85 per litre. Similarly, the price of kerosene oil is likely to drop by Rs11.70, and light diesel oil by Rs10.01 per litre.

The Oil and Gas Regulatory Authority (OGRA) is scheduled to forward a summary of the proposed price cuts to the government on December 15. Following the prime minister’s approval, the Petroleum Division will issue an official notification.

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If implemented, the new petrol price will be Rs263.09 per litre, while high-speed diesel will be priced at Rs267.80 per litre. Kerosene oil is expected to cost Rs181.16 per litre, and light diesel Rs153.76 per litre after the reduction.

The anticipated price cuts are expected to provide much-needed relief to consumers already burdened by rising living costs.

On November 30, the government had also reduced fuel prices by up to Rs4.79 per litre for the fortnight ending December 15. According to a notification issued by the Petroleum Division, petrol was reduced by Rs2 to Rs263.45 per litre, while high-speed diesel saw a cut of Rs4.79 to Rs279.65 per litre.

High-speed diesel is extensively used in the transport and agriculture sectors, meaning reductions have a wide economic impact. Petrol, primarily used in motorbikes and cars, is most consumed in Punjab due to restrictions on the use of indigenous gas at CNG stations.