May 06, 2024
The federal government is likely to reduce prices of petroleum products with petrol and diesel rates expected to be slashed by up to Rs12per litre in the second half of May.
This good news follows a significant decline in international oil prices, offering some much-needed respite for drivers facing rising fuel costs.
Early estimates suggest a price drop of around $6 per barrel of crude oil since the last price update on May 6. This positive trend could translate to a further reduction of Rs12 per liter for petrol, adding to the Rs5.45 cut implemented earlier this month (on April 30). Similarly, HSD prices could see a decrease of Rs9.7 per liter due to a drop in its global price.
However, drivers are advised to temper their excitement slightly. These are just preliminary estimates, and the final pump prices will depend on the ever-shifting sands of the global oil market. T
The exchange rate between the Pakistani rupee and the US dollar in the coming week will also play a crucial role in determining the final figures. With a little over a week left before the next pricing update, all eyes are on the international markets for any significant fluctuations. The government is expected to officially announce the new petrol and HSD prices on May 15, which will be in effect for the remainder of the month.
