According to a report from a private TV channel on Monday, consumers of petroleum products (POL) in Pakistan may soon experience significant relief, with initial estimates suggesting a potential decrease in petrol prices by Rs13 per liter and diesel prices by Rs8 to Rs9.50 per liter, effective May 16, 2024, for the next 15 days.
Senior officials from the Ministry of Energy have indicated that global oil prices have substantially declined following a de-escalation of tensions between Iran and Israel and an improvement in the security situation in the Red Sea, contributing to stability in the Middle East. International petrol prices have decreased by $6.32 per barrel, reaching $99.93 per barrel, while diesel prices stand at $4.97 per barrel, signaling a positive trend in the market.
If implemented, this would mark the second relief for consumers this month, following a reduction in petrol prices by Rs5.45 per liter and diesel prices by Rs8.42 per liter on May 1. Government officials and industry insiders express optimism that the recent sharp decline in POL prices and curbing of smuggling from Iran will boost consumption of these products.
Prime Minister Shehbaz Sharif is expected to approve the decrease in POL prices, with hopes that the reduction will contribute to a decline in inflation, which has already been on a downward trend.
