On Thursday, the caretaker government announced its decision to maintain the current petrol price at Rs281.34 per litre while implementing a reduction of Rs7 per litre for high-speed diesel (HSD) for the upcoming two weeks.
As per the official notification from the finance ministry, the revised price for high-speed diesel will be Rs289.71 per litre starting on December 1.
Additionally, the prices for kerosene and light diesel oil have decreased by Rs3.82 and Rs4.52, respectively.
Following these adjustments, kerosene will now be priced at Rs201.16 per litre, and light diesel oil will be available at Rs175.93 per litre.
This decision comes in response to factors such as an IMF review and the recent global decline in oil prices.
Notably, the postponement of a ministerial meeting by Opec+ (the Organisation of the Petroleum Exporting Countries and allies, including Russia) to November 30 contributed to a midweek tumble in global oil prices.
Brent crude futures experienced a 0.4 per cent decline, down 37 cents to $80.21 per barrel, while US West Texas Intermediate (WTI) crude futures lost 0.4 per cent, down 29 cents to $75.25.