Major reduction in petroleum product prices likely from May 16

There is a possibility of a major drop in the prices of petroleum products in Pakistan in the next 15 days starting from May 16.

Petroleum products may become cheaper due to a slight decline in the international market and an import premium on petrol. Petrol and diesel prices are likely to fall by Rs 3.5 and Rs 7 per liter respectively.

Sources say that based on the current tax rate, the final calculation on May 15 is estimated to reduce the ex-depot price of petrol by about Rs 3.5. The price of high-speed diesel may decrease by Rs 7 per liter.

The reduction in the price of petrol was estimated based on a decrease of about $1.5 per barrel in the international price of petrol and about $3 per barrel in the price of diesel over the past two weeks.

The current price of ex-depot petrol is Rs 252.63 per liter.