Petrol prices likely to drop in Pakistan from May 1, check expected rates inside

ISLAMABAD: Crude oil prices witnessed a signification drop internationally last week, providing Pakistanis hope for some relief in petrol prices.

Amid the international fluctuations, petrol prices are likely to drop in Pakistan for the next fortnight. Brent crude is trading at about $66.60 per barrel globally, while US West Texas Intermediate (WTI) crude is trading at $62.85 per barrel. These developments could increase the world’s oil supply.

Although domestic fuel prices usually decrease when global oil prices decline, the Pakistani government recently decided to eliminate the petroleum charge cap. This action gives the government complete control over how the levy is adjusted.

According to local media reports, the federal government is expected to keep fuel prices at their current levels for the first half of May, citing the necessity to control fiscal policies and stabilize the domestic market.