Pakistan to Lower Petrol Prices in May 2024

Residents of Pakistan can anticipate a reduction in petrol prices commencing from May 2024, offering a glimmer of hope amidst the current inflation challenges faced by the populace. Reports from local media suggest that the decline in global oil prices will contribute to the forthcoming decrease in petroleum rates within Pakistan. The international prices for diesel and gasoline have exhibited a downward trend, indicating a potential adjustment in domestic prices. Unofficial sources indicate a projected decrease of Rs7.85 per litre for petrol, bringing the price down to Rs286.09 per litre, while diesel prices are expected to decrease by Rs3.75 to Rs286.63 per litre. The final decision on the price revision will be influenced by the data provided by the oil industry, reflecting the price movements observed over the past 15 days. During the previous review conducted on April 15, petrol prices were raised by Rs4.53 per litre, reaching Rs293.94 per litre, whereas high-speed diesel prices surged by Rs8.14 per litre to Rs290.38 per litre.

The reduction in petrol prices in Pakistan is a response to the drop in global oil prices, which has been a relief for consumers grappling with soaring food and fuel costs. The decrease in international prices for diesel and gasoline has paved the way for a potential adjustment in domestic petrol rates, offering some respite to the inflation-stricken population.

The anticipated reduction in petrol prices in Pakistan from May 2024 signifies a positive development for consumers burdened by escalating living expenses. As global oil prices continue to influence domestic petroleum rates, the forthcoming adjustment is poised to alleviate some of the financial strain faced by Pakistani citizens.