The government has reduced the prices of petroleum products with effect from Dec 16 (Thursday) following fluctuation in global oil prices.

According to a notification issued by the Finance Division, the government decided to revise the existing prices "in view of the declining price trend of petroleum products in the global market[s] and [to] transform the impact to the masses".

The government has slashed the prices of petrol and high-speed diesel by Rs5 per litre. The new price of petrol will be Rs140.82 per litre against the previous price of Rs145.82 per litre. The new price of HSD will be Rs137.62 per litre as against Rs142.62 per litre.

Prices of petroleum products increased again

Meanwhile, the prices of kerosene and light diesel oil (LDO) were decreased by Rs7 and Rs7.01 per litre, respectively. The new price of kerosene is Rs109.53 per litre and that of light diesel oil is Rs107.06 per litre.

Petrol prices are a major component of Pakistan's inflationary calculations. In November, inflation clocked in at 11.5%, close to a two-year high, with the government coming under immense criticism over rising prices.