Consumers can anticipate a significant drop in petrol prices in Pakistan, offering a much-needed relief, as global oil prices decline. The government sources suggest a potential reduction of Rs.14 per litre for petrol and Rs.10 per litre for diesel in the upcoming fortnightly revision on May 16, 2024.
Last month witnessed a similar downward trend, with the government reducing petrol and high-speed diesel prices by Rs5.45 and Rs8.42 per litre respectively.
Currently, petrol is priced at Rs288.49 per litre, while high-speed diesel stands at Rs281.96 per litre.
On the global front, oil prices continued to plummet today, fueled by indications of weakening fuel demand and remarks from U.S. Federal Reserve officials casting doubts on potential interest rate cuts. Brent crude futures saw a 0.3% decline to $82.54 a barrel, while U.S. West Texas Intermediate crude futures dropped by 0.2% to $78.07 a barrel.
Experts attribute the fall in oil prices to dwindling demand, citing a rise in U.S. gasoline and distillate inventories ahead of the country’s driving season. Refineries worldwide are grappling with reduced profits for diesel due to increased supplies from new refineries and subdued demand resulting from mild weather and sluggish economic activity in the northern hemisphere.
