Pakistan imports oil from the Middle East to meet its high demand. Therefore, any change in international prices impacts the oil prices in Pakistan as well.
In a welcome relief for consumers, petrol price in Pakistan have been reduced by Rs.15.39 per liter. So, This brings the new price of petrol to Rs.273.10, down from the previous Rs.288.49. The decrease follows a recommendation by the Oil and Gas Regulatory Authority (OGRA). Also, share the benefit of declining international oil prices with the public.
Although, This news comes after weeks of speculation about the extent of the price reduction. Earlier reports suggested a decrease of Rs.12 per liter. So, The final reduction of Rs.15.39 reflects a combination of factors, including:
- Lower international crude oil prices
- Stability of the Pakistani Rupee (PKR) against the US Dollar (USD)
- Stable economic conditions in the country
The drop in gas prices is likely to have a favorable influence on Pakistan’s inflation rates, as fuel expenses are a significant contributor. This will bring much-needed relief to individuals, particularly those who rely on their cars for transportation and daily commutes.
The new petrol price is effective from today, May 16, 2024. The price of diesel has also been revised downwards, but to a lesser extent.
POLs |
Old Price |
New Price |
Price Difference |
| Petrol Rate in Pakistan | PKR 288.49 | PKR 273.10 |
|
|
Diesel Rate in Pakistan |
PKR 281.88 | PKR 274.08 |
|
FAQs
- By how much has the petrol price been reduced?
The petrol price in Pakistan has been reduced by Rs.15.39 per liter, bringing the new price down to Rs.273.10 from Rs.288.49.
- When does the new price come into effect?
The revised petrol price is effective from today, May 16, 2024.
- Has the price of other fuels been reduced as well?
Yes, the price of diesel has also been reduced, its price was Rs.281.88 and now with the reduction of 7.88 it is Rs.274.08.
