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ISLAMABAD – The petrol price is set to be cut in Pakistan for the second half of May 2024 in light of the drop in international prices.
The government is passing on relief to inflation-hit masses due to the downward trend of international market. Reports suggest that prices of petrol and high-speed diesel (HSD) will move down by around Rs15 and Rs9 per litre.
Prices of petrol dropped in the international market by about $8.7 and $4.3 per barrel, respectively, in the last two weeks.
Petrol Price in Pakistan
Depending on the final calculation of the inland freight equalisation margin (IFEM), the price of petrol is estimated to Rs273-275 per litre.
The import premium on petrol has increased by more than 7percent in the last two weeks to $10.30 per barrel. However, the rupee has also strengthened by about 20 paise against the dollar, which would further contribute to the reduction in petrol prices by approximately Rs15 per litre.
Meanwhile, Diesel price dropped by about $4.3 per barrel in the international market, and its import premium paid by the benchmark Pakistan State Oil (PSO) has remained unchanged at $6.50 per barrel.
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