Petrol prices in Pakistan have been reduced by Rs5.45 per litre, marking a decrease from Rs293.94 to Rs288.49 for the upcoming two weeks. This decision aligns with recommendations from the Oil and Gas Regulatory Authority (Ogra).
Effective from midnight on May 1, the Finance Division issued an official notification confirming the adjusted fuel prices. Furthermore, diesel prices have been cut by Rs8.42 per litre to Rs281.96 per litre.
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For the period spanning May 1 to May 15, 2024, the prices of motor spirit (petrol) and high-speed diesel (HSD) are set as follows: The Finance Division clarified that the drop in petroleum product prices is attributed to the recent decline in global crude oil prices over the past fortnight. Ogra determined the consumer prices based on fluctuations in the international market, as mentioned in the notification.
It’s notable that on April 15, the government had raised petrol and diesel prices by Rs4.5 and Rs8.1 per litre, respectively.
The government regularly reviews and adjusts petroleum product prices every 15 days in response to changes in global oil prices and the local currency’s value. Factors considered in determining petroleum product prices include expected fuel consumption, supply costs of the Pakistan State Oil, and monthly tax targets.
