Petrol Prices Expected to Fall on May 16

Globally, oil witnesses a downward trend, plummeting by $6.32 per barrel!

News Desk
1 Min Read
Petrol Prices Expected to Fall on May 16

Pakistanis can expect some welcome news at the pump, with petrol prices anticipated to fall significantly starting May 16th. This follows a similar decrease earlier in May, reflecting a global downward trend in oil prices.

Reports suggest a potential reduction of Rs. 12 per liter for petrol, with diesel prices following suit by dropping Rs. 9.70 per liter. The global price of petrol has dipped to $99.93 per barrel, a decrease of $6.32 compared to recent highs. This positive shift extends to diesel, which now sits at $4.97 per barrel.

This comes as a significant relief for Pakistani consumers already grappling with inflation. However, a concerning trend emerges amidst these price drops. Data from the Oil Companies Advisory Committee (OCAC) indicates an 11% decline in petroleum product sales over the past ten months. Compared to the previous year, sales have shrunk from 13,970,000 tons to 12,443,000 tons (July 2023 – April 2024).

While lower prices offer temporary relief, the long-term impact on petroleum product sales and potential revenue needs further monitoring.

Posted by News Desk
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