By WEB DESK: The cost of petrol in Pakistan has undergone a significant reduction, plummeting by Rs15 per litre to reach Rs273.1 per litre. Simultaneously, diesel prices have also seen a decrease of Rs7 per litre, now standing at Rs274.8 per litre. These adjustments are slated to be enforced starting from May 16, 2024.
This drop comes as a relief to the populace grappling with the burden of escalating petrol expenses. Initial signals had hinted at a potential decline in petroleum product prices, offering hope to consumers amidst economic challenges.
Earlier reports had indicated a possible reduction of up to Rs15 per litre in petrol prices and Rs9 per litre for high-speed diesel (HSD). The revised prices are expected to hold until the conclusion of May 2024.
Prior to this adjustment, petrol was retailing at Rs289.33 per litre in major urban centers, including Rawalpindi, Islamabad, Lahore, Gujranwala, Sialkot, Faisalabad, Karachi, and Narowal.
Furthermore, global oil markets experienced a downward trend on Tuesday, influenced by U.S. data suggesting persistent concerns over high interest rates. However, potential supply disruptions due to tensions in the Middle East and wildfires in Canada are exerting upward pressure on prices.
Brent crude futures witnessed a decline of 98 cents, settling at $82.38 per barrel, while U.S. West Texas Intermediate crude futures (WTI) concluded down $1.10 at $78.02 per barrel.
The unexpected surge in U.S. producer prices during April has heightened apprehensions that the Federal Reserve might maintain elevated borrowing costs to combat inflation.
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