ISLAMABAD – Pakistan is set to decrease petrol prices for the second half of May 2024 due to a decline in international prices.
The government is providing relief to inflation-hit citizens by passing on the benefits of lower international market prices. Reports indicate that petrol and high-speed diesel (HSD) prices will decrease by approximately Rs15 and Rs9 per litre, respectively.
International petrol prices have fallen by around $8.7 and $4.3 per barrel over the past two weeks.
Petrol Price in Pakistan
Based on the final inland freight equalisation margin (IFEM) calculations, the estimated petrol price is expected to be Rs273-275 per litre.
Despite the import premium on petrol rising by over 7 per cent in the last two weeks to $10.30 per barrel, the rupee’s strengthening by about 20 paise against the dollar will likely contribute to a reduction in petrol prices by around Rs15 per litre.
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Meanwhile, the price of diesel in the international market has dropped by about $4.3 per barrel, with the import premium paid by Pakistan State Oil (PSO) remaining unchanged at $6.50 per barrel.