The price of petrol in Pakistan is expected to decrease by Rs13 from May 16. Additionally, the price of diesel could see a reduction ranging from Rs8 to Rs9.50 per liter, according to details in the forthcoming review scheduled for May 15.
Senior officials of the Ministry of Energy informed Dawn News that preliminary estimates suggest a potential reduction in both petrol and diesel prices starting May 16, 2024. This reduction is attributed to a significant drop in global prices, with stability returning to the Middle East following the cessation of missile attacks between Iran and Israel and a decrease in tensions in the Red Sea region.
Read more: IMF urges swift gas tariff adjustments to tackle rising circular debt
In the current month, there will be consecutive relief measures, just as on May 1, 2024, the authorities reduced the price of Motor Spirit (MS) by Rs. 5.45 per liter, bringing it down from Rs. 293.94 per liter to Rs. 288.49. Similarly, the price of diesel was reduced by Rs. 8.42 per liter from May 1, dropping from Rs. 290.38 to Rs. 281.96 per liter.
According to initial estimates, work has been done considering the past 10 days’ trading of POL products in the international market for the aforementioned relief measures. However, a more refined estimate about the relief will be made in the next two days, which will come into effect from May 16, 2024, after the approval of the Prime Minister. This will further aid in reducing inflation in the country, which is already declining.
On the global scale, the price of petrol has decreased by $6.32 per barrel, reaching $99.93, and the price of diesel is now $4.97 per barrel, indicating positive changes in the market.
