As oil prices are expected to drop significantly from May 16, inflation has been affected.
Reports indicate that the price of gasoline will decrease by 12 rubles per liter, while the price of diesel will decrease by $9.70 per liter.
Globally, gasoline prices witnessed a downward trend, falling to $6.32 per barrel. The current global price is $99.93 per barrel. Similarly, global diesel prices fell to $4.97 per barrel, indicating a positive change in the market.
The upcoming drop comes as a relief to many, especially after witnessing a similar drop in oil prices on May 1.
Current Petrol, Diesel Prices in Pakistan
On May 1, the Shehbaz Sharif-led government cut petrol prices by $5.45, taking the new level to $288.49 per litre.
On the other hand, the price of high-speed diesel (HSD) also decreased by $8.42 to $281.96 per liter.
However, amid these developments, data from the Oil Companies Advisory Council (OCAC) and Topline Securities revealed trends in oil sales.
In the first 10 months of this fiscal year, a significant drop of 11 percent was recorded in sales. Compared to the same period of the previous fiscal year from July 2023 to April 2024, the sale of petroleum products decreased from 13,970,000 tons to 12,443,000 tons.
April numbers paint a similarly bleak picture, with sales of 1,104,000 tons, down 6 percent from the same month last year and down 4 percent from March this year.
