Govt likely to cut diesel, petrol prices by Rs7

The government is expected to reduce petroleum prices by Rs7 from December 1, Geo News reported on Thursday, citing lower crude oil prices in the International market.

Although the government has not yet make an announcement  regarding the change in POL prices, it is likely to  notify  the new prices on Friday.

The TV channel, however, reported that  prices of petrol and diesel would be cut by Rs7.

AFP adds:

One of the world´s major oil contracts, New York´s WTI, slumped under $50 per barrel on Thursday, reaching the lowest level in nearly 14 months.

WTI and Brent North Sea crude, another benchmark contract, have been tumbling for weeks on fears of a supply glut -- despite oil kingpin Saudi Arabia planning an output cut and urging other producer nations to follow suit.