In a potential relief for Pakistanis grappling with inflation, the government is expected to reduce petrol prices for the first half of May 2024, following a dip in global oil prices.
According to reports, petrol prices could drop by around Rs3.75 per litre, with a final announcement scheduled for midnight on April 30, 2024.
This price cut, if implemented, is a response to a recent decline in international petroleum product prices, with a drop of $1.86 to $107.16 per barrel observed.
High-speed diesel (HSD) prices are also likely to be adjusted, with a reduction of around Rs7.85 per litre anticipated, owing to a $4.3 per barrel decrease in global prices.
Additionally, the stability of the Pakistani rupee against the US dollar has contributed to the downward trend.
Since the previous fortnight, the local currency has remained steady at a weighted average rate of approximately Rs278.38 per USD.
However, these figures are subject to change, as there are still three more trading sessions before the final pricing announcement.
Fluctuations in the global market and exchange rate movements could impact the final decision.
In the last pricing update, the government increased petrol prices by Rs4.53 to Rs293.94 per litre, while high-speed diesel saw an increase of Rs8.14 to Rs290.38 per litre.
The upcoming price adjustments, if confirmed, could provide some relief to consumers affected by inflationary pressures.
