Petrol Price Cut by Rs. 5.45 in Pakistan - 1 May 2024 Update

Jawad

30 Apr 2024

501

Petrol Price Cut by Rs. 5.45 in Pakistan - 1 May 2024 Update

The recent announcement from Pakistan's Finance Division brings some relief to motorists as petrol prices are set to decrease by Rs5.45 per litre, dropping from Rs293.94 to Rs288.49 for the upcoming fortnight. This reduction aligns with the recommendations of the Oil and Gas Regulatory Authority (Ogra). Effective from midnight on May 1, the adjusted rates aim to alleviate some financial burden on consumers.

Moreover, diesel prices are also witnessing a significant decrease, plummeting by Rs8.42 per litre to Rs281.96. These adjustments, detailed in an official notification, will remain in effect until May 15, 2024. The Finance Division attributes these price revisions to the recent decline in global crude oil prices over the past two weeks.

Products	Existing Price	New price	Increase / Decrease
Petrol	Rs. 293.94	Rs. 288.49	-5.45 Rupees
High Speed Diesel (HSD)	Rs. 290.38	Rs. 281.96	-8.42 Rupees

Highlighting the rationale behind the adjustment, the Finance Division noted that the reduction in petroleum product prices mirrors the downward trend observed in the international market. Ogra's computations for consumer prices are based on these international fluctuations, as stated in the notification.

This announcement marks a notable contrast to the previous adjustment made on April 15, where petrol and diesel prices were raised by Rs4.5 and Rs8.1 per litre, respectively. The government's bi-monthly review of petroleum product prices is a response to global oil price fluctuations and local currency valuation changes.

In determining the prices of petroleum goods, the government considers various factors, including expected fuel consumption, supply costs of the Pakistan State Oil, and monthly tax targets. These adjustments aim to balance economic considerations while ensuring stability in the domestic energy market.

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