Pakistan to Witness Drop in Fuel Prices in June 2024

As we approach the beginning of June 2024, there is anticipation of a significant drop in petrol and diesel prices in Pakistan. This expected decrease is a result of changes in global oil prices and import premiums. It is forecasted that petrol prices will see a reduction of Rs4.50 per litre, while high-speed diesel (HSD) prices are expected to decrease by Rs4 per litre for the first half of June 2024. These price adjustments are a response to the recent decline in international oil prices.

The decline in oil prices can be attributed to the price movements of Brent crude oil on the London ICE market, which fell by $0.48 to $83, and Light crude oil on the NYMEX market, which decreased by $0.58 to approximately $79.22. If these anticipated price cuts are implemented, it will bring relief to Pakistani citizens who have been facing challenges due to high inflation. The impact of elevated fuel costs on transportation expenses has been significant, making this upcoming price reduction a welcome development.

The official announcement regarding the revised petrol and diesel prices is scheduled to be made at midnight on May 31, 2024, with the new rates taking effect on June 1, 2024. In the latter part of May 2024, petrol was being sold at Rs273.93 per litre, while high-octane petrol was priced at around Rs300.88 per litre.

The expected decrease in petrol and diesel prices in June 2024 is a positive development for consumers in Pakistan. With the global oil market showing signs of decline, the reduction in fuel prices will help alleviate the financial burden on individuals and families. As we await the official announcement of the revised prices, it is hoped that these adjustments will provide some relief amidst the ongoing economic challenges faced by the country.