In a positive development for inflation-hit citizens, the government is set to cut fuel prices, with petrol prices expected to fall by up to Rs14 per liter.
According to sources, the cut, resulting from crude oil trading at $82.5 per barrel, will take effect on May 16.
Meanwhile, diesel prices are estimated to fall by much to Rs 10 per liter, according to the sources.
This would be the second consecutive respite in the current month. On May 1, 2024, the government cut the price of motor spirit (MS) by Rs 5.45 per liter to Rs 288.49 per liter, down from Rs 293.94.
Similarly, diesel prices decreased by Rs8.42 per liter to Rs281.96 from Rs290.38 per liter on May 1.
The price of petrol and diesel would drop to about Rs. 274 and Rs. 271, respectively, if approved.
Reportedly, relief has been arranged based on preliminary calculations that took into consideration the petroleum product trade that has occurred over the past ten days on the global market.
But over the course of the following two days, the relief's estimates will solidify even further and be implemented with the prime minister's consent.
According to government and industry sources, petroleum prices have decreased globally, indicating a positive shift in the market. Pakistani refineries and oil marketing companies anticipate higher petroleum product consumption starting on May 16 as a result of the anticipated price reduction and the cessation of the smuggling of petroleum products from Iran over the previous ten days.