Petrol price likely to be slashed by up to Rs14 from May 16

• Petrol, diesel prices to be cut to Rs274 and Rs271, respectively.
• Reduction in fuel prices to come into effect from May 16.
• PM Shehbaz to approve cutting of petroleum product rates.
  

ISLAMABAD: In a positive development for the inflation-weary masses, the government is likely to slash fuel prices with the petrol rate expected to be reduced by up to Rs14 per litre, sources told Geo News on Monday.

Sources say that the reduction, courtesy of crude oil being traded at $82.5 per barrel, will come into effect from May 16.

Meanwhile, diesel prices are expected to be cut by up to Rs10 per litre, the sources added.

This would be the second relief in a row in the current month. From May 1, 2024, the authorities had reduced the motor spirit (MS) price by Rs5.45 per litre to Rs288.49 per litre from Rs293.94 per litre.

Similarly, the diesel price was also reduced by Rs8.42 per litre to Rs281.96 from Rs290.38 per litre from May 1. 

If approved, the petrol and diesel prices would fall to around Rs274 and Rs271 per litre, respectively.

As per The News, relief has been worked out as per the initial estimates keeping in view the last 10 days trade of petroleum products in the international market. 

However, in the next two days, the projections about the relief would be further firmed up and will come into effect after the approval by the prime minister.

Globally, petrol prices have fallen showing a positive market shift with government and industrial sources saying that Pakistan refineries and oil marketing companies hoped that the consumption of petroleum products will increase from May 16 because of the expected reduction prices and halt in influx of smuggled petroleum products from Iran in the last 10 days.