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ISLAMABAD: The Pakistan government is likely to cut the price of petrol by another Rs12 per liter for the second half of May 2024 to provide some respite to its citizens from high inflation.
This potential cut comes in line with the decline in international prices. Price estimates till May 06, indicate international petroleum product prices have fallen by $6.32 to $99.93 per barrel.
Moreover, the government is expected to cut the price of high-speed diesel (HSD) by around Rs9.7 per litre due to a $4.97 per barrel drop in its international price.
READ MORE: Petrol prices decrease in Pakistan from May 1; Check latest rate here
In the last fortnight, the cost of petrol in Pakistan slashed by Rs5.45 per litre. The price of gasoline was reduced by 5.45 per liter and the price of diesel by 8.42 per liter.
The local currency has remained comparatively stable against the USD since last fortnight’s decision, standing at a weighted average rate of around PKR 278.25 per USD.
It is important to note that there is still over a week left for the next pricing update; thus, the final prices will depend on global market movements and the exchange rate.
The government will announce the new prices at midnight on May 15, 2024, and they will remain in effect for the second half of May.
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