Petrol price in Pakistan likely to go down from May 16

Starting from May 16, 2024, petrol prices in Pakistan are expected to decrease by approximately Rs 12 to 15.39 per liter. This reduction follows a global trend of falling gasoline prices due to a decrease in the price of oil per barrel, which has dropped significantly in recent months.

Similarly, the price of diesel is expected to drop by around Rs 9.70 to 10 per liter. These changes come as a response to lower global demand and increased oil supplies, alongside an effort by the Pakistani government to provide some financial relief to its citizens.

These adjustments are part of a broader trend where, earlier in the month, the prices were already reduced on May 1, 2024. The price of petrol was decreased by Rs 5.45 per liter, while diesel saw a reduction of Rs 8.42 per liter.

The price cuts reflect ongoing global economic trends and efforts by the government to manage domestic fuel costs amidst fluctuating international oil prices.

Good news for Pakistani drivers: Petrol price expected to drop again!

There's some relief on the horizon for inflation-weary Pakistanis. The price of petrol is likely to decrease by Rs. 10-12 per litre starting May 16th, according to sources familiar with the developments [3]. This comes on the heels of a previous reduction in early May.

This positive change is attributed to the decline in global oil prices, with Brent Crude currently around $82 per barrel [3]. A stable Pakistani Rupee against the US Dollar is also contributing factor.

Here's a quick recap:

• Expected decrease: Rs. 10-12 per litre for petrol from May 16th
• This follows a previous reduction in May of Rs. 5.45 per litre

Important to note:

• The final price adjustments will be announced on May 15th and may vary slightly depending on global market trends and exchange rates [3].

Overall, this is a welcome development for Pakistani consumers who have been grappling with rising costs. A decrease in petrol prices will hopefully provide some relief for household budgets and transportation expenses.

Petrol price in Pakistan likely to go down from May 16

Islamabad, May 16, 2024 — In a significant relief to consumers, petrol prices in Pakistan are set to decrease from May 16. This reduction is part of a broader trend influenced by falling global oil prices and a strategic move by the Pakistani government to alleviate economic pressures on the populace.

According to multiple sources, the price of petrol is anticipated to decrease by approximately Rs 12 to 15.39 per liter. Diesel prices are also expected to drop, with reductions estimated around Rs 9.70 to 10 per liter.

Global Trends and Local Impact

The decrease in fuel prices aligns with a global trend of declining gasoline prices. Recently, the price of crude oil has fallen significantly, with global benchmarks like Brent crude and West Texas Intermediate (WTI) showing notable drops. Brent crude futures slid to around $82.54 a barrel, while WTI futures fell to approximately $78.07 a barrel.

These global price reductions are primarily driven by a combination of factors, including lower-than-expected fuel demand, rising inventories in major economies like the United States, and increased production from new refineries. These conditions have led to a surplus in supply, further driving down prices.

Domestic Measures

On the domestic front, the Pakistani government has been proactive in adjusting fuel prices to reflect global trends and provide economic relief. Earlier this month, the prices were reduced on May 1, with petrol seeing a reduction of Rs 5.45 per liter and diesel by Rs 8.42 per liter.

The government’s decision is also influenced by a noticeable decline in the sales of petroleum products. Reports indicate an 11% annual decrease in petroleum product sales over the first ten months of the current financial year, reflecting lower consumption and possibly higher efficiency or reduced travel among consumers.

Economic Implications

The expected price cut is likely to have several positive implications for the Pakistani economy. Lower fuel prices can reduce transportation and production costs, potentially leading to lower prices for goods and services. This can help mitigate inflationary pressures and improve the overall cost of living for citizens.

Moreover, the reduction in fuel prices may also provide a boost to sectors heavily reliant on transportation, such as logistics, agriculture, and manufacturing, thereby supporting broader economic activity.

Conclusion

The anticipated decrease in petrol and diesel prices in Pakistan from May 16 is a welcome development for consumers and businesses alike. It reflects the government's efforts to pass on the benefits of lower global oil prices to the public, aiming to provide financial relief and support economic stability amidst fluctuating international markets.

For further updates and detailed information, stay tuned to official announcements and reputable news sources.