A massive reduction of Rs15.39/lit in the petrol price from 16th May for the next fortnight in line with the global oil rates
In a significant relief for consumers grappling with inflation, the government announced a welcome reduction in petrol and high-speed diesel (HSD) prices for the upcoming fortnight.
Effective from May 16 (Thursday), the new prices bring respite as petrol sees a decrease of Rs15.39 per litre, now priced at Rs273.10, while HSD experiences a dip of Rs7.88 per litre, with the new rate at Rs274.08.
“The Oil and Gas Regulatory Authority (Ogra) has worked out the consumer prices, based on the price variations in the international market,” a statement released by the Finance Division read.
The new fuel prices will be effective from May 16 (Thursday), the statement added.
The Finance Division said that the prices of petroleum products have seen a decreasing trend in the international market during the last fortnight.
This is the second relief in a row in the current month. On May 1, 2024, the authorities had reduced the motor spirit (MS) price by Rs5.45 per litre to Rs288.49 per litre from Rs293.94 per litre.
Similarly, the diesel price was also reduced by Rs8.42 per litre to Rs281.96 from Rs290.38 per litre on May 1.
In accordance with international market fluctuations, the Oil and Gas Regulatory Authority (Ogra) has determined consumer prices, as stated by the Finance Division.
This adjustment, marking the second consecutive decrease this month, reflects the declining trend of petroleum prices globally. Following reductions on May 1, motor spirit (MS) prices decreased by Rs5.45 per litre to Rs288.49, while diesel prices dropped by Rs8.42 per litre to Rs281.96.
With petrol prices decreasing globally, Pakistan’s refineries and oil marketing companies anticipate an upsurge in consumption due to the recent price reduction and cessation of smuggled petroleum products influx from Iran in the past 10 days.
Globally, petrol prices have fallen showing a positive market shift with government and industrial sources saying that Pakistan refineries and oil marketing companies hoped that the consumption of petroleum products will increase from May 16 because of the latest reduction in prices and halt in influx of smuggled petroleum products from Iran in the last 10 days.