Potential for Significant Decrease in Petrol Prices Expected in Pakistan Starting May 16
Good news for everyone feeling the pinch of high prices: Starting May 16, petrol prices in Pakistan are expected to drop significantly.
Reports suggest that petrol prices could go down by Rs12 per litre, while diesel prices might also see a decrease of Rs9.70 per litre.
Globally, the price of petrol has been falling, dropping by $6.32 per barrel. Right now, it’s at $99.93 per barrel. Diesel prices globally have also fallen to $4.97 per barrel, which is good news for consumers.
This decrease in prices is a relief for many, especially after a similar drop was seen on May 1.
Currently, petrol is priced at Rs288.49 per litre, after a decrease of Rs5.45 on May 1. High-speed diesel (HSD) has also seen a reduction of Rs8.42 per litre, now priced at Rs281.96.
But there’s a concerning trend in petroleum product sales. Data shows a big 11% drop in sales over the first 10 months of this financial year. Compared to the same period last year, sales have fallen from 13,970,000 tons to 12,443,000 tons.
April’s numbers are also not looking good, with sales at 1,104,000 tonnes, down 6% from last year and 4% from March this year.
