Good news awaits consumers in Pakistan as petrol prices are anticipated to decrease by Rs10-12 per litre starting May 16. This impending adjustment comes as a much-needed relief for individuals grappling with the persistent issue of inflation, with various sources pointing towards a decline in global oil rates as the primary catalyst behind this price drop.
Reasons Behind the Price Drop
The decrease in petrol prices is primarily attributed 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 global trends are contributing to the expected decline in petrol and high-speed diesel prices within Pakistan.
Current and Expected Prices
Presently, petrol is priced at Rs288.49 per litre and diesel at Rs281.96 per litre. However, from May 16 onwards, petrol is expected to be priced at Rs278 per litre, with diesel at Rs277 per litre.
Government Initiatives
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.
Final Considerations
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 slated for May 15, 2024.
Impact on Consumers
This anticipated decrease in petrol prices is set to bring relief to consumers amid ongoing economic challenges.
