In a bid to provide much-needed relief to the inflation-stricken masses, the federal government has announced substantial cuts in the prices of petroleum products, effective from December 16. Petrol prices witness a significant reduction of Rs. 14 per litre, now standing at Rs. 267.34 per litre. High-speed diesel prices see a cut of Rs. 13.50 per litre, settling at Rs. 276.21 per litre.
Kerosene experiences a reduction of Rs. 10.14 per litre, bringing the new price to Rs. 191.02 per litre, while light diesel oil sees a cut of Rs. 11.29 per litre, with the new price set at Rs. 164.64 per litre. The move comes in response to a 43 per cent year-on-year increase in the SPI-based inflation for the week ending December 14, 2023, primarily fueled by a recent surge in gas charges.
The reduction in petroleum product prices is expected to alleviate some of the financial burden on consumers grappling with inflation, offering immediate relief to the masses.
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