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The petrol price in Pakistan is dropped by Rs. 15.39 per liter, taking the price to Rs. 273.10 from previous Rs. Rs. 288.49. Meanwhile, the price of diesel was also revised to Rs. 274.08 compared to old price of Rs. Rs. 290.38. The new prices will be applicable from May 16, 2024.
The prices came down due to international drop in rate of crude oil, stability of PKR against the USD and stable economic conditions in the country, which is a good sign for a common person because petroleum prices are directly linked to the inflation rate in Pakistan.
Earlier Reports on Petrol Price in Pakistan
It is pertinent to mention that earlier reports claimed that the petrol prices are anticipated to go down by Rs. 12 per liter from May 16, reaching the new Rs. 276.49. A week later, the latest media reports revealed that the incumbent government is planning to reduce petrol prices by Rs. 14 per liter, taking it to another low of Rs. 274.49.
Meanwhile, diesel prices are likely to be slashed by Rs. 10 per liter to the new rate of Rs. 271.96, thanks to the reduced crude oil price in the international market, which is traded at $$82.5 per barrel.
Petroleum Product Sales
The numbers speak for themselves. Sales of petroleum products from July 2023 to April 2024 totaled 12,443,000 metric tons, marking an 11% decrease compared to the previous year. In April alone, the country recorded a 6% decrease in petroleum product sales compared to April last year and a 4% decrease compared to March.
These fluctuations in prices and sales highlight the importance of keeping an eye on global and domestic trends in the petroleum market. Understanding these trends helps us grasp how they impact the economy and our daily lives, particularly for those who rely on vehicles for transportation. So, get ready to save some money at the pump starting May 16!
What do you think about the anticipation of decrease in petrol price in Pakistan. Tell us in the comments section.
