Petrol prices in Pakistan are poised to undergo another downward revision starting May 16, signaling a potential relief from the burden of inflation. This anticipated decrease comes on the heels of concerted efforts by the federal government to stabilize economic conditions and alleviate financial strain on the populace.
Government Initiatives for Economic Relief
The incumbent government has undertaken proactive measures aimed at ameliorating the economic plight of citizens, with a particular focus on mitigating the impact of inflation. This impending reduction in petrol prices would mark the second consecutive decrease within a month, reflecting the administration’s commitment to providing tangible relief to the masses.
Pending Recommendations from Ogra
While the Oil and Gas Regulatory Authority (Ogra) is yet to formally submit its recommendations to the Finance Division, preliminary reports suggest an imminent proposal for lowering petrol and diesel prices across Pakistan for the second fortnight of May 2024. This move aligns with the prevailing trend of declining international oil prices, prompting expectations of a corresponding reduction in domestic fuel costs.
International Factors Driving Price Decline
Experts attribute the anticipated drop in petrol prices to a significant downturn in global oil prices, stemming from various geopolitical and economic factors. The government’s decision to pass on these benefits to the public underscores its commitment to fostering economic stability and affordability in the face of external uncertainties.
Impending Review on May 15
As the nation awaits the outcome of the impending price review scheduled for May 15, optimism prevails among consumers anticipating a favorable adjustment in petrol prices. The outcome of this review holds substantial implications for household budgets and overall consumer sentiment, with the potential to alleviate financial strain on a broad spectrum of society.
Current Petrol Price in Pakistan Till May 15
POLs | Price |
Petrol | Rs288.49 |
Diesel | Rs281.96 |
Expected Petrol Prices in Pakistan from May 16
Reports said the Ogra would recommend Rs12 per litre decrease in petrol price and Rs9.70 per litre in diesel prices. However the final decision will be taken by the government.
POLs | Price Per litre |
Petrol | Rs276.49 |
Diesel | Rs272.26 |