- The price drop due to a significant decrease in fuel prices on the international market.
- Petrol price decreased from Rs288.49 to Rs273.10 per litre.
- The new prices will start on May 16.
In a significant relief for the inflation-hit nation, the federal government on Wednesday has announced a decrease in prices of petroleum products from 16 May.
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According to the notification approved by the federal government a significant decrease of Rs15.39 per litre in the petrol price in line with the global oil rates.
The latest price of the petrol has been decreased from Rs288.49 to Rs273.10 per litre after the latest reduction.
Furthermore, the high-speed diesel price has also been decreased by Rs7.88 per litre from Rs281.96 to Rs274.08.
These are the updated prices for petrol and high-speed diesel from 16 May are as follows:
According to a statement released by the Finance Division read, “The Oil and Gas Regulatory Authority (Ogra) has calculated the consumer prices, derived from the price variations in the international market.”
As per an official notice issued by the Finance Division on Wednesday, the new prices of the petrol will be applicable from 16 May (Thursday).
This is the second relief decrease in prices within this current month. On May 1, 2024, they dropped the price of petrol by Rs5.45 per litre to Rs288.49 per litre from its previous rate of Rs293.94 per litre.
In a similar way, the price of diesel was also decreased by Rs8.42 per litre to Rs281.96 from its previous rate of Rs290.38 per litre on May 1.
Around the world, the price of petrol has dropped showing a positive market shift with Govt and industrial sources stating that Pakistan’s refineries and oil companies hoping that more consumers will buy petrol and other fuel products starting 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.
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