Petroleum product prices are likely to fall in Pakistan beginning May 1st, owing to a global drop in oil prices.
Other countries’ fuel and petrol prices have plummeted, implying that prices in Pakistan will likely fall as well.
In the international market, diesel is now priced at $104.76 a barrel, while petrol is quoted at $107.16.
Experts in the oil business believe that the worldwide decreasing trend in petroleum product prices will also affect Pakistan.
On April 29, 2024, the oil sector will release final price statistics, reflecting patterns observed during the previous fifteen days.
However, experts warn that global prices remain volatile, making it difficult to forecast future trends.
The government increases fuel and diesel prices every 15 days based on global oil prices and the value of the local currency.
Since the latest adjustment, the Pakistani rupee has fallen marginally against the US dollar.
The government considers several criteria while setting petroleum prices, including Pakistan State Oil’s fuel demand and anticipated tax collections.
Pakistan imports almost 85% of its oil, therefore swings in oil prices have a huge impact on the economy and people’s everyday life, such as transportation costs and general living expenses.
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