Petrol price likely to fall by Rs3.75 in May

April 26, 2024 (MLN): Following a decline in the international prices, the government is likely to cut the price of petrol by around Rs3.75 per litre for the first half of May 2024.

Price estimates till April 25, 2024 (Thursday), indicate the ex-refinery price of petroleum has fallen compared to the previous fortnight's price.

Globally, petroleum product prices have fallen by $1.86 to $107.16 per barrel.

Moreover, the government may decrease the price of high-speed diesel (HSD) by around Rs7.85 per litre due to a $4.3 per barrel drop in its international price.

The local currency has remained comparatively stable against the USD since last fortnight's decision, standing at a weighted average rate of around PKR 278.38 per USD.

It is important to note that there are still three more sessions left for the next pricing update; thus, the final prices will depend on global market movements and the exchange rate.

The government will announce the new prices at midnight on April 30, 2024, and they will remain in effect for the first half of May.

To recall, in the last fortnight, the government increased the price of petrol by Rs4.53 to Rs293.94 per litre.

Moreover, the price of High-Speed Diesel (HSD) was increased by Rs8.14 to Rs290.38 per litre.

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