Petrol prices in Pakistan are anticipated to witness a significant drop by Rs10-12 per litre, effective May 16. This anticipated reduction serves as a much-needed respite for individuals grappling with the pressures of inflation. Sources indicate that the decrease in petrol prices is attributed to a recent decline in global oil rates.
Presently, international benchmarks such as Brent Crude are valued at $82, reflecting a 1.25 percent decrease, while WTI Crude stands at approximately $77.39. These downward trends in global oil prices are expected to translate into lower prices for petrol and high-speed diesel within the country.
As of now, petrol is priced at Rs288.49 per litre, while diesel stands at Rs281.96 per litre. However, come May 16, petrol is anticipated to be available at Rs278 per litre, with diesel following closely at Rs277 per litre.
This impending reduction follows last month’s price adjustments by the Pakistani government, which saw decreases of Rs5.45 per litre for petrol and Rs8.42 per litre for diesel. Moreover, the stability of the Pakistani Rupee against the US Dollar, averaging around Rs278, has also played a pivotal role in these forthcoming price revisions.
The finalized prices post-update will be contingent upon global market dynamics and currency exchange rates. The official announcement regarding these revised prices is slated for May 15, 2024.
With the anticipated decrease in petrol prices, consumers can anticipate some relief amidst the prevailing economic challenges.
