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In the developing world, where the economies typically rely on fuel prices, even a tiny variation affects the routine budget of the citizenry grappling with the burden of escalated living costs.
Earlier, we informed you that 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. Moreover, the relief will be confirmed in the next two days after the approval of Prime Minister of Pakistan Shahbaz Sharif.
Current Prices
In May, the government already took steps to reduce petrol and diesel prices. On May 1, the price of petrol was decreased by Rs. 5.45, bringing it down to Rs. 288.49 per liter from the previous Rs. 293.94. Similarly, diesel saw a decrease of Rs. 8.42, dropping to Rs. 290.38 per liter from Rs. 298.80.
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 prices. Tell us in the comments section.
