Petrol prices likely to go down in December

ISLAMABAD: The Pakistan government may reduce the prices of petroleum products from December 1, 2021 for the next fortnight, as the international oil prices registered a decline this week.

A spokesperson for the Ministry of Finance Muzzammil Aslam, in a tweet said, “Allah has been kind to Pakistan, as the global oil prices have come down. Brent prices came down to $72.91/bbl.”

“The full impact of this decline will be realised on December 15 pricing. But definitely, it will be a big relief on imports. Don’t forget, the government is suffering a loss of Rs50/litre in taxes.”

According to Reuters, the global oil prices fell $10/barrel on Friday, it’s the biggest drop the international market has witnessed since April 2020.

Previously, Adviser to the Prime Minister on Finance Shaukat Tarin had said that petrol will become more expensive, as the Pakistani rupee continues to depreciate, compared with the dollar.

Tarin had also said that if the global prices go up, then petrol will also become more affluent in Pakistan.