The Government on Wednesday cut the prices of petrol and high speed diesel by Rs5 per litre, the kerosene and light diesel oil price by Rs7 in an effort to provide relief to the people “in view of the declining price trend of petroleum products ” across the world. Finance Division in a statement said that the government has decided to revise the existing prices of petroleum products in view of the declining price trend of petroleum products in global market and transform the impact to the masses. The new prices are effective from 16th December, 2021. According to the notification, the new price of petrol is Rs 140.82 per litre while high speed diesel will sell for Rs 137.62 down from Rs145.82 and Rs142.62, respectively. Meanwhile, the prices of kerosene and light diesel oil (LDO) were decreased by Rs 7 and Rs 7.01 per litre, respectively. The new price of kerosene is Rs 109.53 per litre and that of LDO is Rs 107.06 per litre. Earlier, the Oil and Gas Regulatory Authority (OGRA) had recommended reducing the prices of petroleum products by up to Rs 10. The country fixes these prices on a fortnightly basis to pass on the impact of fluctuating international prices to consumers.