Petrol price in Pakistan may see another big drop from May 16

Petrol price in Pakistan may see another big drop from May 16

ISLAMABAD, MAY 11: In a sigh of relief for inflation hit-masses as the prices of petroleum products are anticipated to take a significant dip, effective May 16.

Reports suggested a notable decrease in the price of petrol by Rs12 per litre, while diesel prices are likely to follow suit with a decrease of Rs9.70 per litre.

Globally, the price of petrol has witnessed a downward trend, plummeting by $6.32 per barrel. Presently, the global price stands at $99.93 per barrel. Similarly, the global diesel price has fallen to $4.97 per barrel, reflecting a positive shift in the market.

This upcoming reduction comes as a relief to many, especially after a similar decrease in petroleum prices was witnessed on May 1.

Current petrol, diesel prices in Pakistan

on May 1, Shehbaz Sharif-led government reduced the price of petrol by Rs5.45, taking the new rate to Rs288.49 per litre.

On the other hand, the price of high-speed diesel (HSD) has also been slashed by Rs8.42 per litre to Rs281.96.

However, amidst these developments, data from the Oil Companies Advisory Committee (OCAC) and Topline Securities unveil a concerning trend in petroleum product sales.

Over the first 10 months of the current financial year, a substantial decline of 11 per cent has been recorded in sales. Comparing July 2023 to April 2024 with the corresponding period of the previous fiscal year, the sale of petroleum products has dwindled from 13,970,000 tons to 12,443,000 tons.

April figures paint a similarly bleak picture, with sales totaling 1,104,000 tonnes, marking a 6 percent decrease from the same month last year and a 4 per cent drop from March this year.