Petrol price to go down from May 15: Here’s expected price

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 278 rupees.

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

It should be remembered that the last time the government reduced the price of petrol by 5 rupees 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.

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 the prices of petroleum products may decrease by 8 to 12 rupees per liter, but the final decision on the prices will be taken by the Ministry of Finance on  May 15 in light of the OGRA summary.

At the end of February, due to a slight increase in crude oil prices in the world market, the prices of petroleum products increased by Rs. 413 paise.

Read More: Petrol prices to witness another decrease from May 15: Details inside

Earlier, the government had reduced the price of petrol by Rs 8 per liter on January 15 in an attempt to meet public expectations.

According to economic analysts, the depreciation of the dollar continued in January and September last year. In Pakistan, the value of the rupee was stable, and the dollar was becoming cheaper.

Meanwhile, the dollar in the interbank decreased from 307 rupees to 275 rupees on October 23. The price of the dollar has continued to decline since the beginning of this year, having decreased from 289 rupees to 278 rupees at that time.