Petroleum product prices are expected to decrease in Pakistan starting May 1st due to a global decline in oil prices. The prices of diesel and gasoline have dropped in other countries, indicating a probable reduction in prices within Pakistan.
In the international market, the price of diesel is currently $104.76 per barrel, while petrol is priced at $107.16 per barrel. Experts in the oil industry suggest that this global downward trend in petroleum product prices may also affect Pakistan.
On April 29, 2024, the oil industry will provide final data regarding prices, reflecting trends observed over the past fifteen days. However, experts caution that global prices remain uncertain, making it challenging to predict future developments.
The government adjusts the prices of petrol and diesel every 15 days based on global oil prices and the value of the local currency. Since the last adjustment, the Pakistani rupee has slightly decreased compared to the US dollar.
Several factors are considered by the government when determining petroleum prices, including the fuel requirements of Pakistan State Oil and desired tax collections.
Pakistan relies on imports for about 85% of its oil, meaning fluctuations in oil prices have significant impacts on the economy and people’s daily lives, including transportation costs and overall living expenses.
