Petrol price decreased by over Rs15 per litre in Pakistan

The price of petrol in Pakistan has been slashed by Rs15 per litre, now standing at Rs273.1 per litre, while diesel prices have been reduced by Rs7 per litre to Rs274.8 per litre.

This adjustment is set to take effect from May 16, 2024.

Earlier indications hinted at a possible decline in petroleum product prices, offering a glimmer of relief to the public grappling with soaring petrol costs.

Previous reports also suggested a potential decrease of up to Rs15 per litre in petrol prices and Rs9 per litre for high-speed diesel (HSD).

These revised petrol and diesel prices will remain valid until the end of May 2024.

Prior to this revision, petrol was retailing at Rs289.33 per litre in major cities including Rawalpindi, Islamabad, Lahore, Gujranwala, Sialkot, Faisalabad, Karachi, and Narowal.

In addition, global oil prices experienced a downward trajectory on Tuesday, influenced by U.S. data fueling concerns over persistently high interest rates.

However, potential disruptions in supply due to tensions in the Middle East and wildfires in Canada are providing support to prices.

Brent crude futures settled lower by 98 cents, or 1.18 per cent, at $82.38 per barrel, while U.S. West Texas Intermediate crude futures (WTI) concluded down $1.10, or 1.39 per cent, at $78.02 per barrel.

The unexpected surge in U.S. producer prices during April has heightened apprehensions that the Federal Reserve might maintain elevated borrowing costs to combat inflation.