The cost of petrol in Pakistan has undergone a significant decrease, dropping by Rs. 15.39 per liter. This adjustment brings the new price to Rs. 273.10, down from the previous Rs. 288.49. Concurrently, the price of diesel has been revised to Rs. 274.08 from its previous rate of Rs. 290.38. These revised prices will take effect from May 16, 2024.
This reduction can be attributed to several factors including a decline in the international crude oil rates, the stability of the Pakistani Rupee against the US Dollar, and the overall stable economic conditions within the country. Such developments are particularly promising for the general populace as petrol prices directly impact the inflation rate in Pakistan.
Earlier reports hinted at a decrease of Rs. 12 per liter in petrol prices by May 16, setting the new price at Rs. 276.49. However, subsequent reports indicated a more substantial reduction of Rs. 14 per liter, bringing the price down to Rs. 274.49. Likewise, diesel prices are expected to decrease by Rs. 10 per liter to reach Rs. 271.96, thanks to the reduced international crude oil prices currently trading at $82.5 per barrel.
Looking at petroleum product sales data, there has been a notable decline in sales from July 2023 to April 2024, amounting to 12,443,000 metric tons, marking an 11% decrease compared to the previous year. In April alone, there was a 6% reduction in sales compared to the same month last year, and a 4% decrease compared to March.
These fluctuations underscore the importance of monitoring both global and domestic trends in the petroleum market. Understanding these trends is crucial for comprehending their impact on the economy and everyday life, especially for individuals reliant on vehicles for transportation. With these price adjustments set to take effect on May 16, consumers can anticipate some relief at the pump.
