Petrol & Diesel Prices in Pakistan Likely to Decrease from 1st May

After a global drop in oil prices, Pakistan is expected to see a decline in the price of petroleum products starting on May 1. Other countries have seen a drop in the cost of fuel and diesel, predicting that Pakistan may also see a price decrease.

Diesel is currently priced at $104.76 per barrel on the worldwide market, while petrol is priced at $107.16 per barrel. According to experts in the oil sector, Pakistan can be affected by the current worldwide trends of dropping petroleum product prices.

The oil sector will release final pricing data on April 29, 2024, which will represent patterns over the previous fifteen days. Experts warn that it is difficult to forecast future events because global prices are still unstable.

Every fifteen days, the government modifies the cost of petrol and diesel by taking into account the value of the local currency and the price of oil internationally. The Pakistani rupee has somewhat depreciated against the US dollar after the latest adjustment.

The government takes into account a number of different factors when setting petroleum pricing, such as the amount of fuel Pakistan State Oil needs and the amount of taxes it hopes to receive.

Since approximately 85% of Pakistan's oil is imported, changes in oil prices have a big influence on the country's economy and people's everyday lives, including living standards and transportation costs.