Govt may reduce petrol prices by Rs. 20 per liter starting December 1st.

The temporary administration in Pakistan is expected to implement a reduction in petrol and diesel prices by a maximum of Rs20 per litre for the initial two weeks of December 2023.

This adjustment aims to mirror the decline in international oil prices, offering relief to the public grappling with significant inflation and constrained income growth.

Global oil prices have faced downward pressure, dipping below $75 a barrel in mid-November due to concerns over sluggish global economic growth, particularly in China.

As of late November 2023, WTI crude was trading at $76.5 a barrel, marking a roughly 7% decrease since October 29. Brent also saw a decline of 5.4% during the same period, reaching $86.35 a barrel on November 29.

The federal government is set to make the final decision on fuel prices in Pakistan on November 30. The anticipated reduction of up to Rs20 per litre could bring the price to approximately Rs260, contributing to efforts to manage inflation.

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