Pakistan anticipates a decline in petroleum product prices in its upcoming price review on April 30. This projection stems from an international trend of decreasing oil prices.
According to sources, diesel and gasoline prices have fallen by $4.3 per barrel and $1.86 per barrel respectively in the global market. Consequently, domestic market prices are expected to decrease by Rs7.85 and Rs3.75.
The current international per barrel prices stand at $104.76 for diesel and $107.16 for petrol.
Experts within the oil industry have noted a downward trajectory in petroleum product prices globally. If this trend continues, it could translate to a reduction in local costs.
On April 29, 2024, the oil industry will release final data based on price patterns observed over the previous fifteen days.
Despite recent declines, experts caution about the volatility in global prices, making future movements uncertain over the next four to five days.
In the latest fortnightly review on April 15, 2024, the government increased petrol prices by Rs4.53 per liter, bringing it to Rs293.94 per liter. High-speed diesel saw a hike to Rs290.38 per liter, up by Rs8.14 per liter.
Petroleum product prices in Pakistan are adjusted every 15 days in response to global oil price fluctuations and changes in the local currency’s value. The Pakistani rupee has witnessed a slight depreciation against the dollar, trading around Rs278.39 on Wednesday.
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