Petrol and diesel prices in Pakistan are poised to witness a decline due to fluctuations in global oil prices.
Unofficial reports suggest that petrol prices may decrease by Rs12 per litre, while diesel prices are expected to drop by Rs9.70 per litre.
In the global oil market, petrol prices have experienced a downturn, falling by $6.32 per barrel to $99.93 per barrel. Similarly, diesel prices have also seen a decline to $4.97 per barrel, indicating a positive trend in the market.
This anticipated price reduction comes as a relief to many, especially after a similar decrease in petroleum prices was observed on May 1.
If the government approves the proposed fuel prices, the new rate of petrol is expected to be around Rs276 per litre.
In the previous fortnight review, the Pakistani government reduced petrol prices by Rs5.45 to Rs288.49 per litre. Similarly, the price of high-speed diesel (HSD) was cut by Rs8.42 per litre to Rs281.96.
However, despite these changes, data from the Oil Companies Advisory Committee (OCAC) and Topline Securities reveal a concerning trend in petroleum product sales.
