Government Announces Substantial Reduction in Petroleum Prices for the Remainder of November 2023

In a significant move aimed at providing relief to the public, the interim government has announced a reduction in petrol prices by Rs2.4 per litre for the remaining days of November. The new prices, which came into effect from midnight on November 16, will remain applicable until November 30.

The revised prices for various petroleum products are as follows:

  1. Petrol: The price of petrol has been reduced from Rs283.38 to Rs281.34 per litre, marking a decrease of Rs2.04.
  2. High-Speed Diesel (HSD): The price of HSD has seen a substantial cut of Rs6.47 per litre, bringing the new price down to Rs296.71.
  3. Kerosene Oil: The cost of kerosene oil has been reduced by Rs6.05 per litre, resulting in a new price of Rs204.98.
  4. Light Diesel Oil: The most significant reduction is observed in the price of light diesel oil, which has been slashed by Rs9.01 per litre, bringing the new cost to Rs180.45.

The Finance Division, in an official statement, indicated that these adjustments were made based on the recommendations of the Oil and Gas Regulatory Authority (OGRA). The OGRA’s suggestion to decrease petroleum product prices by up to Rs9.01 was accepted by the government, reflecting a concerted effort to mitigate the impact of rising global oil prices on the local consumer.

The reduction in prices is expected to provide immediate relief to consumers and businesses alike, contributing to a decrease in overall transportation and production costs. The government’s decision to implement these changes for the remainder of November underscores its commitment to addressing economic challenges and ensuring the well-being of the general populace.

Consumers across the country have welcomed the news, expressing optimism about the positive impact of the price reduction on their daily lives. As the government continues to monitor global oil market trends, further adjustments to petroleum prices may be considered to maintain affordability and stability in the domestic market.

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