Finance Minister Ishaq Dar on Thursday announced that the price of petrol was being reduced by Rs10 and diesel was being brought down by Rs7.5 per litre, Aaj News reported. The reduction means the price of petrol is now Rs214.8 per litre, while that of diesel is Rs227.80 per litre with effect from December 16.

“The prime minister wants that we should pass maximum relief to the public and we have been implementing that since October 30," he said in a televised address.

“According to our calculations, petrol prices — that are Rs224.80 — will be reduced by Rs10 to Rs214.8 after midnight. High-speed diesel will be decreased by Rs7.5 to Rs227.80,” the finance minister said.

Dar said that kerosene oil will now cost Rs171.83 after a decrease of Rs10 and the price of light diesel oil will be reduced by Rs10 to Rs169 per litre as well.

On November 30, Dar had announced that there would be no change in the prices of petrol and diesel for the next fortnight.

The government also decided to maintain petrol prices in its review on November 15 and October 31.

Earlier, Business Recorder reported that the price of petrol is likely to go down significantly in the range of Rs10 per litre for the second half of December 2022, according to estimates of energy experts.