ISLAMABAD: The caretaker government could reduce the price of petroleum products in the upcoming fortnightly review, people familiar with the situation told Geo News Monday.

The people revealed that since there has been a drop in the price of petroleum products in the global market, the government could pass on the benefit to the nation in the fortnightly review on December 15.

The price of petrol, according to Geo News, is expected to drop by Rs13 per litre and diesel Rs15 per litre — as the masses are also hoping for a reduction in the rates amid falling global rates.

Oil prices dipped Monday as worries persisted around crude oversupply despite OPEC+ cuts and softer fuel demand growth next year. The price fell on Friday for a seventh straight week, the longest streak of weekly declines since 2018, on lingering oversupply concerns

The caretaker federal government had maintained the petrol price at Rs281.34 per litre till December 15.

However, the high-speed diesel (HSD) price was slashed by Rs7 per litre while kerosene oil was reduced by Rs3.82 per litre. The light diesel oil was cut by Rs4.52 per litre.

The country fixes fuel prices on a fortnightly basis after evaluating fluctuating international energy market costs and the rupee-dollar parity to transfer the impact on domestic consumers.