Govt expected to reduce petrol, diesel prices again

LAHORE: The government is poised to announce further relief in fuel prices, with petrol prices expected to drop by an additional Rs4 per litre for the first half of June 2024. This reduction aligns with a decline in international petroleum prices.

This anticipated cut will mark the third consecutive reduction in fuel prices, bringing the total decrease to Rs24.85 per litre. Additionally, the price of high-speed diesel (HSD) is likely to be reduced by around Rs3.5 per litre.

The new fuel prices will be announced at midnight on May 31, 2024, and will be effective for the first half of June. This comes after domestic diesel prices were lowered by Rs7.88 per litre to Rs274.08 in the previous fortnight, marking the second consecutive reduction.

As of May 23, 2024, international petroleum product prices have fallen by $1.68 compared to the previous fortnight, now standing at $96.19.

Similarly, diesel prices in the international market have decreased by 83 cents to $98.40.

It is important to note that there are still six trading sessions left before the next pricing update.

Therefore, the final prices will be subject to changes based on global market movements and exchange rate fluctuations.

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