According to a report on Thursday, petroleum product prices are anticipated to decrease in Pakistan during the next review on April 30. This expected reduction aligns with the global decline in oil prices.
Specifically, the international market has seen a drop of $4.3 and $1.86 per barrel in diesel and gasoline prices. Consequently, domestic market prices could decrease by Rs7.85 for diesel and Rs3.75 for gasoline.
Currently, diesel and petrol are priced at $104.76 and $107.16 per barrel internationally.
Industry experts highlighted the global downtrend in petroleum product prices and suggested that local prices might decrease if this trend is reflected in the domestic market.
The oil industry will report final data on this price trend on April 29, 2024, considering the price movements of the last fifteen days.
Although there has been a recent dip, experts noted the ongoing volatility in global oil prices and the uncertainty of their direction in the coming days.
During the latest biweekly price review on April 15, 2024, the government increased petrol prices by Rs4.53 per litre to Rs293.94 and high-speed diesel prices by Rs8.14 per litre to Rs290.38.
The government revises the prices of petroleum products every 15 days based on global oil prices and the local currency’s value, which has recently declined. As of Wednesday, the rupee traded at about Rs278.39 against the dollar.
The ongoing fluctuations in petroleum prices significantly affect the country’s cost of living and transportation.
