In a significant development, Pakistan is set to experience a substantial decrease in petrol prices from May 16. The expected reduction of Rs10-12 per litre is a breath of fresh air for consumers battling inflation. The key driver behind this price drop is the recent downturn in global oil rates.
At present, the global oil market shows Brent Crude at $82, marking a 1.25 percent dip, while WTI Crude stands at $77.39. These global trends are projected to lower the prices of petrol and high-speed diesel in Pakistan.
Currently, the cost of petrol is Rs288.49 per litre, and diesel is Rs281.96 per litre. However, from May 16, petrol is likely to cost Rs278 per litre, and diesel Rs277 per litre.
In the previous month, the Pakistani government reduced petrol prices by Rs5.45 per litre and diesel by Rs8.42 per litre. The Rupee’s stability against the US Dollar, averaging around Rs278, has also influenced these forthcoming price modifications.
The final prices post the imminent update will be shaped by global market dynamics and currency exchange rates. The official declaration of these revised prices is slated for May 15, 2024.
This projected decrease in petrol prices is set to alleviate the economic burden on consumers.
