Petrol Price in Pakistan Reduced by Rs. 15.39/ Per Liter

Jawad

15 May 2024

267

Petrol Price in Pakistan Reduced by Rs. 15.39/ Per Liter

The petrol price in Pakistan has been reduced by Rs. 15.39 per liter, bringing it down to Rs. 273.10 from the previous Rs. 288.49. Similarly, the price of diesel has been revised to Rs. 274.08, a decrease from the former Rs. 290.38. These new prices will take effect starting May 16, 2024. This reduction is attributed to the decrease in international crude oil prices, the stabilization of the Pakistani rupee against the US dollar, and stable economic conditions within the country. This development is particularly beneficial for the average Pakistani, as petroleum prices are closely tied to the inflation rate in Pakistan, impacting the overall cost of living.

Earlier reports had suggested that petrol prices might drop by Rs. 12 per liter from May 16, potentially lowering the price to Rs. 276.49. Subsequent media reports indicated a possible reduction of Rs. 14 per liter, which would bring the price down to Rs. 274.49. Alongside this, diesel prices were expected to decrease by Rs. 10 per liter, setting the new price at Rs. 271.96. These anticipated reductions were linked to the falling crude oil prices in the international market, which were trading at $82.5 per barrel at the time.

Product	Old Price (PKR)	New Price (PKR)	Difference
Petrol	288.49	273.10	-15.39
Diesel	281.96	274.08	-7.88

Sales data for petroleum products also reveal significant trends. From July 2023 to April 2024, total sales amounted to 12,443,000 metric tons, reflecting an 11% decrease compared to the previous year. In April alone, there was a 6% decline in sales compared to April the previous year, and a 4% decrease compared to March 2024. These changes underscore the critical need to monitor both global and domestic petroleum market trends. Understanding these trends is crucial as they affect the economy and daily life, especially for those dependent on vehicles for transportation. With the new price cuts starting May 16, consumers can look forward to some relief at the pump.

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