In a modest respite for the populace grappling with inflation, the federal government has announced a reduction in the prices of petroleum products.

The price of petrol has seen a decrease of Rs. 14 per liter, and high-speed diesel is down by Rs. 13.50 per liter. The adjusted prices stand at Rs. 267.34 per liter for petrol and Rs. 276.21 per liter for high-speed diesel.

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Similarly, the price of kerosene has been slashed by Rs. 10.14 per liter to Rs. 191.02, and the price of light diesel oil has been lowered by Rs. 11.29 to Rs. 164.64. These revised prices will take effect from December 16.

According to the Pakistan Bureau of Statistics (PBS), the Sensitive Price Index (SPI)-based inflation for the week ending December 14, 2023, has surged by 43 percent year-on-year. The recent substantial increase in gas charges is a primary contributor to this spike in weekly inflation. Nonetheless, the marginal reduction in petroleum product prices is anticipated to offer some relief to consumers.

It is noteworthy that during the last fortnightly review, the caretaker government maintained the price of petrol unchanged while reducing the price of high-speed diesel by Rs. 7 per liter.

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