Significant Drop in Petroleum Prices Expected by May 16

News Desk

Islamabad: A substantial relief in petroleum product prices is anticipated starting May 16, 2024, according to senior officials from the Ministry of Energy.

It is projected that the price of petrol may decrease by 13 rupees per liter and diesel by 8 to 9.50 rupees per liter by the end of the month.

The decline in global prices, attributed to the restoration of stability in the Middle East post missile attacks between Iran and Israel, along with reduced tensions in the Red Sea, has paved the way for this potential relief.

The current month has already witnessed a downward trend in prices. On May 1, 2024, authorities reduced the price of Motor Spirit (MS) by 5.45 rupees per liter, bringing it down to 288.49 rupees per liter from 293.94 rupees per liter.

Similarly, the price of diesel decreased by 8.42 rupees per liter to 281.96 rupees per liter from 290.38 rupees.

These projections are based on careful consideration of the last 10 days of trading in the international market for petroleum products. A more refined estimate of relief is expected in the next two days, pending approval from the Prime Minister, and will be implemented from May 16, 2024.

At the global level, petrol prices have dropped by $6.32 per barrel to $99.93, while diesel prices stand at $4.97 per barrel, signaling positive market changes.

Pakistan Refineries and Oil Marketing Companies are hopeful that the significant reduction in prices over the past 10 days, coupled with efforts to curb smuggled petroleum products from Iran, will lead to increased availability of petroleum products in the country.