The government is poised to enact a significant reduction in petrol prices by approximately Rs12.8 per litre for the latter half of May 2024, aligning with the downward trend in international prices.
According to price estimates until May 13, 2024 (Monday), global petroleum product prices have experienced a notable decline compared to the previous fortnight.
This reduction will be in addition to the Rs5.45 decrease implemented in the preceding fortnight, when the government adjusted the price to Rs288.49 per litre.
Furthermore, there is an expectation that the government will also lower the price of high-speed diesel (HSD) by approximately Rs8.3 per litre due to a corresponding decline in its international price.
In the previous fortnight, the government had reduced the price of High-Speed Diesel (HSD) by Rs8.42 to Rs281.96 per litre.
Despite fluctuations in global markets, the local currency has maintained relative stability against the USD since the last pricing adjustment, with a weighted average rate hovering around PKR 278.2 per USD.
It’s noteworthy that three pricing sessions remain before the next update, indicating that the final prices will be contingent on further global market movements and the exchange rate.
The government is scheduled to unveil the new prices at midnight on May 15, 2024, and these adjustments will remain effective for the second half of May.
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