Pakistani consumers may soon get relief at fuel stations, as petrol and diesel prices are expected to come down from May 16, following a dip in global oil prices.
As per industry insiders, the recent decrease in international crude rates has opened the door for a possible cut in local petroleum prices. Although the final decision will be made on May 15, early estimates suggest that petrol might become cheaper by around Rs. 3.50 per litre, while high-speed diesel (HSD) could see a reduction of up to Rs. 7 per litre.
The anticipated change is linked to a steady decline in international oil prices over the past two weeks. Reports indicate that petrol prices dropped by approximately $1.5 per barrel, while diesel saw a more noticeable decrease of around $3 per barrel.
Currently, the ex-depot price of petrol stands at Rs. 252.63 per litre, and diesel at Rs. 256.64 per litre. These rates are used by oil marketing companies as the base for setting retail prices at pumps.
Any adjustment in prices will depend on the exchange rate and applicable taxes, but if current trends hold, motorists in Pakistan can expect some financial relief in their next fill-up.
The Ministry of Finance is expected to make an official announcement on May 15, following a final review of global rates and local tax structures.
