Petrol, Diesel Prices Expected to Drop Again Next Week

MS petrol and High-Speed Diesel (HSD) prices are expected to fall next week due to international oil prices recently plummeting by over $6 per barrel. The federal government is expected to decrease the price of petrol and diesel by Rs. 12 per liter and Rs. 9.7 per liter each on May 16, 2024. The upward forecast is based on international prices for HSD and petrol which slid by $4.97 and $6.32 per barrel, respectively, during the current fortnight. Notably, the Pakistani rupee remained stable at 278 during the period in review. Considering the above, it is expected that the price of HSD is poised to decrease to Rs. 272.26 per liter in Pakistan. Meanwhile, MS rates are expected to fall to Rs. 276.49 per liter. It is pertinent to mention here that at the last fortnightly review of petroleum prices on April 15, the government decreased the price of petrol by Rs. 5.45 per liter. The price of high-speed diesel was decreased by Rs. 8.42 per liter.