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The caretaker government is expected to cut petrol and diesel prices by up to Rs20 per litre for the first two weeks of December 2023.
The move aimed to pass on the relief of a drop in oil price in international market while people in crisis-hit nation are bearing the brunt due to record inflation with little rise in income.
Globally, oil prices remained under pressure, plunging below $75 a barrel in mid-November in the wake of concerns about leisurely global economic growth, especially in China.
In second half of November 2023, WTI crude traded at $76.5 a barrel, with drop of around 7pc as compared to October 29. Brent also plunged by 5.4 percent in the past month, trading at $86.35 a barrel on November 29.
For prices in Pakistan, the federal government will announce the final decision on November 30.
With up to Rs20 per litre drop on cards, the expected price is supposed to be around Rs260, a move that will help authorities to bring inflation under control.