Petrol prices in Pakistan from 16 May 2024 – In Islamabad, people are expecting that petrol prices in Pakistan might go down again starting from May 16. This could happen because inflation has improved recently, especially since the government has become more stable. The government is trying hard to help the public, and if this happens, it would be the second time in a month that petrol prices have gone down. Even though the Oil and Gas Regulatory Authority (Ogra) hasn’t officially told the Finance Division yet, early reports suggest that they might suggest lower petrol and diesel prices for the second part of May 2024.
Experts think this drop in prices is because the cost of oil internationally has gone down. So, the government might pass on these savings to the public during the next price check on May 15. This is part of the government’s efforts to make things better for the people of Pakistan by helping the economy and keeping things stable.
Petrol Prices likely to decrease in Pakistan from May 16, 2024
Reports suggest that the Oil and Gas Regulatory Authority (Ogra) may propose a significant decrease in petrol prices by Rs 12 per liter and diesel prices by Rs 9.70 per liter. However, the final decision lies with the government, which will consider several factors before making an official announcement. It’s anticipated that the government will reduce fuel prices for the next two weeks starting from May 16, providing relief to those affected by inflation.
The expected reduction could see petrol prices dropping by up to Rs 14 per liter and diesel by up to Rs 10 per liter, bringing the new prices to approximately Rs 274 for petrol and Rs 271 for diesel per liter. This adjustment would mark the second price cut this month. The anticipated decrease is linked to the current trading price of crude oil, which stands at $82.5 per barrel.
On May 1, 2024, petrol prices were reduced to Rs 288.49 per liter from Rs 293.94, and diesel prices dropped to Rs 281.96 per liter from Rs 290.38. Additionally, oil prices have continued to decline this week due to signs of decreasing fuel demand and comments from US Federal Reserve officials suggesting potential interest rate cuts. This economic outlook could reduce energy consumption in the US, the world’s largest economy.
Despite these challenges, market optimism remains, fueled by expectations that the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, might extend their supply cuts into the latter half of the year.
Current Petrol Price in Pakistan
| POLs | Price |
| Petrol | Rs288.49 |
| Diesel | Rs281.96 |