Petrol price likely to decrease by Rs0.98 per litre from January 1

The caretaker government is likely to reduce the price of petrol in the next fortnight review, sources said on Saturday.

Well-placed sources in the industry said the price of petrol may decrease by Rs0.98 per litre, while the price of diesel is expected to go up by Rs1.28 per litre.

Oil sector experts have noted that global crude prices exhibited minimal fluctuations over the past fortnight, and the dollar rate has remained unchanged compared to the preceding period. Due to this, prices for end consumers are unlikely to witness a major decrease in the forthcoming fortnight.

In the last fortnight review on December 15, the interim government had decreased the price of petrol and diesel by Rs14 and Rs13.50 per litre, respectively.

The current prices of petrol and diesel are Rs267.34 per litre and Rs276.21 per litre, respectively.

The Oil and Gas Regulatory Authority (Ogra) will announce the new prices on December 31 after consulting with caretaker prime minister Anwar-ul-Haq Kakar.