KARACHI: The Oil and Gas Regulatory Authority (Ogra) has notified Rs14.3/kg reduction in the prices of indigenous liquid petroleum gas (LPG) to Rs202.5/kg for December 2021.

According to the notification, the revised LPG price is Rs202,579/tonne, which includes Rs4,669 of petroleum levy, Rs35,000 of marketing/distribution margin and 17 per cent general sales tax.

The price of 11.8kg LPG cylinder has been revised to Rs2,390.44 for December 2021 from Rs2,559 last month. The LPG rates are revised at the beginning of each month, taking into consideration the international prices and the dollar-rupee exchange rate.

After a record increase in the rates, petrol, diesel and domestic cooking gas prices are declining, as the international oil prices have softened.

The oil prices tumbled nearly 5 per cent on Tuesday after Moderna’s chief cast doubt on the efficacy of the Covid-19 vaccines against the omicron coronavirus variant, spooking financial markets and adding to the worries over the oil demand.

With a weakening demand outlook, expectations are growing that the Organization of the Petroleum Exporting countries, Russia and their allies, together called Opec+, will put on hold plans to add 400,000 barrels/day to the supply in January.