Petrol prices likely to reduce by Rs 12 from May 15

ISLAMABAD: Prices of petroleum products are expected to drop for the last two weeks of May 2024, which may be the first relief for those who have been fed up with inflation in recent months.

As per the reports, the price of crude oil in the world market has decreased by 6 dollars per barrel in the last month, while the price of the dollar is stable at Rs 278.

In view of the stability of the dollar in Pakistan and the slight decrease in the price of crude oil in the world market, analysts say that petrol prices may decrease by Rs 12.84 paise Rs 275.65 per liter from May 15.

The diesel prices are also expected to come down by Rs 8.30 per liter, the price of diesel at the global level has decreased by 4.68 dollars to 99.37 dollars per barrel.

But the final decision on the prices will be taken by the Ministry of Finance on  May 15 in light of the OGRA summary.

It should be remembered that at present the price of petrol is RS 288.49 paise per liter and diesel is being sold at Rs 281.96 paise per liter after the expected petrol price reduction the new petrol prices from May 15 would be Rs 275.65 per liter .

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It should be remembered that the last time the government reduced the petrol price by Rs 5.45 paisa on April 30, the price of the dollar in the inter-bank exchange was only 278 rupees, and the price of crude oil was 84 dollars per barrel. Which has now been reduced to 83 dollars per barrel.

At the end of last year, the price of Brent crude oil fell to 73 dollars per barrel due to a significant decrease in the prices of crude oil in the world market. Before that, the price of crude oil reached 94 dollars per barrel in October.

 From the beginning of April, the price of crude oil increased continuously, and the price reached 90 dollars per barrel with an increase of 7 dollars, but now it has decreased by 6 dollars per barrel.