The caretaker federal government is planning to give a new year’s relief to the masses with a reduction in the price of petrol for the next 15 days.

Although crude oil prices have experienced fluctuation in the second half of December oil remains below the $80 per barrel mark. This coupled with a stronger rupee allow the government to reduce petrol prices though slightly.

As per reports, the price of petrol is expected to decrease by 1.72 rupees per liter.

Meanwhile, the price of high-speed diesel is expected to increase by about 1 rupee per liter.

The new prices of petroleum products will be announced by the government on December 31.

If these adjustments are put into effect, the new petrol price in Pakistan is projected to be Rs265.62 per litre, while diesel is expected to be priced at Rs277.21 per litre following the anticipated increase.

The revised petroleum prices are scheduled to take effect from January 1, with the official announcement by the government slated for after 11 pm on Sunday, December 31.

These adjusted prices will apply nationwide, including major cities such as Lahore, Islamabad, Rawalpindi, Sialkot, Gujranwala, Faisalabad, Multan, and Karachi.

On November 30, the government slashed petrol price by Rs14 and diesel by Rs13.50.

As of the current pricing, petrol in Pakistan is priced at Rs267.34 per litre, and diesel is priced at Rs276.21 per litre. It’s important to note that these prices will remain in effect until the end of 2023, specifically until the night of Sunday, December 31, 2023.

Globally, oil prices were little changed on Tuesday as investors focused on geopolitical tensions in the Middle East and optimism that the U.S. Federal Reserve would soon start cutting interest rates, lifting global economic growth and fuel demand.