The initial calculations have been completed and the proposal now awaits formal approval.
Under the expected revision, petrol may become cheaper by 36 paisas per litre, while high-speed diesel could see a major reduction of Rs11.85 per litre. The price of kerosene oil is projected to decrease by Rs11.70, and light diesel oil by Rs10.01 per litre.
The Oil and Gas Regulatory Authority (OGRA) will submit a summary of the proposed revisions to the government on December 15. Once the prime minister approves the recommendations, the Petroleum Division will issue the final notification.
If approved, petrol will be priced at Rs263.09 per litre, and high-speed diesel at Rs267.80 per litre. Kerosene oil is expected to cost Rs181.16 per litre, while light diesel oil will be priced at Rs153.76 per litre.
The anticipated price cuts are expected to offer much-needed relief to consumers struggling with high living costs.
On November 30, the government had also reduced fuel prices by up to Rs4.79 per litre for the fortnight ending December 15. Petrol was lowered by Rs2 to Rs263.45 per litre, while high-speed diesel dropped by Rs4.79 to Rs279.65 per litre.
High-speed diesel plays a central role in the transport and agriculture sectors, giving reductions a broad economic impact. Petrol, heavily used in motorcycles and cars, remains the most consumed fuel in Punjab due to limitations on the use of indigenous gas at CNG stations.
