The petrol price in Pakistan has been reduced by Rs5.45 per litre, bringing it down from Rs293.94 to Rs288.49 for the upcoming fortnight.
The decision has been taken in line with the recommendations of the Oil and Gas Regulatory Authority (Ogra),
Effective from midnight on May 1, the Finance Division issued an official notification confirming the new fuel prices. Additionally, the price of diesel has been slashed by Rs8.42 per litre to Rs281.96 per litre.
For the period from May 1 to May 15, 2024, the prices of motor spirit (petrol) and high-speed diesel (HSD) are as follows:
The Finance Division explained that the reduction in petroleum product prices is attributed to the decline in global crude oil prices over the past two weeks. Ogra determined the consumer prices based on fluctuations in the international market, as stated in the notification.
It’s worth noting that on April 15, the government increased petrol and diesel prices by Rs4.5 and Rs8.1 per litre, respectively.
The government regularly reviews and adjusts petroleum product prices every 15 days in response to changes in global oil prices and the local currency’s value. Factors such as expected fuel consumption, supply costs of the Pakistan State Oil, and monthly tax targets are considered when determining petroleum product prices.
Pakistan to announce petrol price for May 2024 today; Check new expected rates here
