Petrol prices likely to fall another Rs12 per litre

May 06, 2024 (MLN): The government is likely to cut the price of petrol by another Rs12 per litre for the second half of May 2024, in line with the decline in international prices.

Price estimates till May 06, 2024 (Monday), indicate international petroleum product prices have fallen by $6.32 to $99.93 per barrel.

The decline would be on top of the Rs5.45 cut from the last fortnight when the government lowered the price to Rs288.49 per litre.

Moreover, the government is expected to cut the price of high-speed diesel (HSD) by around Rs9.7 per litre due to a $4.97 per barrel drop in its international price.

In the last fortnight, the government had slashed the High-Speed Diesel (HSD) price by Rs8.42 to Rs281.96 per litre.

The local currency has remained comparatively stable against the USD since last fortnight's decision, standing at a weighted average rate of around PKR 278.25 per USD.

It is important to note that there is still over a week 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 May 15, 2024, and they will remain in effect for the second half of May.

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