Consumers may receive some relief from surging inflation as the government is expected to decrease the price of petrol by Rs11 per litre from December 16 as a result of a drop in international crude oil pricing.
According to local media reports, petroleum prices in the South Asian country are likely to fall as a result of an increase in Covid cases around the world, which cut crude demand as fresh worries about the efficacy of vaccines against the Omicron version arose.
Diesel prices are also set to drop by Rs9 per litre, according to reports citing well-informed sources. After either boosting or cutting tax rates, the government will finalise petroleum product prices.
After receiving approval from the prime minister, the Ministry of Finance will make the final decision, and the new pricing will take effect on December 16.