HUM reports suggest the Pakistani government may reduce petrol prices by up to Rs12 per litre in May 2024, driven by a decline in global oil prices.
Relief for Daily Commuters
This expected reduction brings hope for citizens grappling with soaring fuel expenses, especially those reliant on personal transportation.
Global Oil Price Trends
Recent global petroleum prices dropped by $6.32 to $99.93 per barrel by May 6, 2024, potentially leading to petrol prices around Rs276.49 per litre, reflecting the proposed Rs12 decrease.
Previous Price Adjustments
This impending revision follows a prior Rs5.45 cut, bringing petrol prices down to Rs288.49 per litre, showcasing the government’s responsiveness to market shifts.
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Projected Diesel Price Reduction
High-speed diesel (HSD) may also decrease significantly by Rs9.7 per litre, aligning with a $4.97 per barrel drop in global prices, providing relief to diesel vehicle users.
Government’s Proactive Response
This adjustment underscores the government’s proactive approach to international market dynamics, aiming to address public concerns amidst economic challenges.
Currency Stability and Market Monitoring
While the local currency remains relatively stable against the US dollar, with an exchange rate around Rs278.25 per USD, vigilance is necessary regarding potential global market fluctuations.
Official Announcement and Effective Date
The finalised fuel prices are set to be announced at midnight on May 15, 2024, taking effect for the latter half of the month, offering consumers relief amid inflation concerns.
