Another massive drop expected in petrol, diesel prices

A major drop is expected in the petrol and diesel prices in Pakistan, following a decrease in the international oil prices.

Globally, the price of petrol has witnessed a downward trend, plummeting by $6.32 per barrel. Presently, the global price stands at $99.93 per barrel. Similarly, the global diesel price has fallen to $4.97 per barrel, reflecting a positive shift in the market.

For the upcoming two-week revision, the government is anticipated to lower the petrol price by Rs. 13 per liter and diesel by Rs. 8 to Rs. 9.50 per liter on May 16.

Such a big slump to the falling global prices after stability in the Middle East returned following the Iran-Israel missile attacks and reduction in the Red Sea tension.

If authorized, it would provide Pakistanis with yet another break from rising fuel costs. The government cut the price of high-speed diesel and petrol last month by Rs. 8.42 and Rs. 5.45 for the following two weeks, respectively.

The current petrol price is Rs288.49 per litre and that of HSD is Rs281.96.