ISLAMABAD – The petrol price is expected to decline for the next fortnight in light of lower oil prices in the international market.
Informed officials said that the international prices of both petrol and diesel moved down over the past week, and it will help government to pass on relief to inflation hit masses.
Consumers in Pakistan are expected to see reduction of Rs14 per litre of petrol and Rs10 per litre of diesel in the second half of May.
Petrol Price in Pakistan
In April, the federal government also lowered the prices of petrol and high-speed diesel by Rs5.45 and Rs8.42 per litre, respectively. Currently, petrol is priced at Rs288.49 per litre and high-speed diesel at Rs281.96 per litre.
The decline in oil prices is attributed to weak fuel demand and statements from U.S. Federal Reserve officials indicating no immediate interest rate cuts. Brent crude futures fell 0.3% to $82.54 a barrel, while U.S. West Texas Intermediate crude futures dropped 0.2% to $78.07 a barrel.
Weak demand was evident as US gasoline and distillate inventories increase, signalling a sluggish start to driving season. Refineries are facing challenges due to increased diesel supplies from new refineries and reduced demand due to mild weather and slow economic activity.
https://en.dailypakistan.com.pk/10-May-2024/petrol-price-in-pakistan-likely-to-go-down-from-may-16
