Exciting news is on the horizon for consumers in Pakistan as petrol prices are set to decrease by Rs10-12 per litre starting May 16. This reduction will provide a welcome relief for individuals facing inflation, with sources attributing the price drop to a decline in global oil rates.
Currently, Brent Crude is valued at $82, marking a 1.25 percent decrease, while WTI Crude stands at approximately $77.39. These international trends are expected to contribute to the anticipated decrease in petrol and high-speed diesel prices within Pakistan. At present, petrol is priced at Rs288.49 per litre, with diesel at Rs281.96. However, starting May 16, petrol is expected to be priced at Rs278 per litre, and diesel at Rs277 per litre.
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Last month, the Pakistani government implemented reductions of Rs5.45 per litre for petrol and Rs8.42 per litre for diesel. The stability of the Rupee against the US Dollar, averaging around Rs278, has also played a role in these upcoming price adjustments.
The finalised prices after the impending update will be influenced by global market dynamics and currency exchange rates. The official announcement regarding these revised prices is scheduled for May 15, 2024. This anticipated decrease in petrol prices is poised to provide much-needed relief to consumers amidst ongoing economic challenges.
