Consumers may soon breathe a sigh of relief as petrol prices are anticipated to decrease on June 1, according to sources familiar with the matter. This potential reduction is expected to range between Rs6.50 and Rs7.50 per liter for both petrol and diesel.
In the past 15 days, the global market has seen a significant drop in oil prices. Petrol prices have decreased by $3.25 per barrel, while diesel prices have fallen by $2.10 per barrel. This follows a previous 15-day period where petrol dropped by $8.70 per barrel and diesel by $4.30 per barrel.
Petrol Price in Pakistan Today 2024
As of now, petrol is priced at Rs273.10 per liter, and diesel is available at Rs274.08 per liter. With the latest market trends and calculations, petrol prices might see a reduction of approximately Rs7.25 per liter, and diesel could decrease by Rs6.25 per liter.
The import premium on petrol has decreased by about 7%, from $10.30 per barrel to $9.70 per barrel over the past 15 days. However, the value of the rupee against the US dollar has slightly decreased by 10 paisas in the same period. Despite this, the estimated reduction in petrol prices is about Rs7 per liter.
Diesel prices have also seen a global reduction of $2.10 per barrel. The benchmark import premium paid by Pakistan State Oil remains steady at $6.50 per barrel. Based on these factors, diesel prices could potentially decrease by Rs6.25 per liter, subject to final calculations by the Inland Freight Equalization Margin (IFEM).
Previous Petrol Price Update in Pakistan 2024
Previously, on May 16, officials announced a reduction of Rs15.93 per liter for petrol and Rs7.88 per liter for diesel. This announcement came after the global market price of petrol dropped from around $95 per barrel to approximately $98.27 per barrel, and diesel prices decreased from $99.12 per barrel to $97 per barrel.
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