Expected Oil price in Pakistan from May 16.

Pakistan is expected to have a lower petrol prices starting from May 16, since international oil prices are pointed to remain reduced. It is reported that the prices of both petrol and diesel have been reduced in the international market during the last week, which will be a great relief for the inflation-burdened people of Pakistan. There will be an alteration of petrol price by Rs14 per litre and diesel by Rs 10 per litre in the second half of May. This guidance by the authority came after a decrease in the price of petrol and high speed diesel in April by Rs5. 45 and Rs8. 42 per litre, respectively. At present, the petrol price is Rs288. Rs217 per liter in the case of premium petrol and Rs264 per liter in the case of high-speed diesel. 96 per litre.

The plunge in crude oil markets stems from a general decline in fuel demand and assertions by Federal Reserve authorities that they are not contemplating any immediate rate cuts. Brent crude futures have fallen by 0. 3% to $82. Brent oil price stands at $64 per barrel, whereas the WTI US futures have decreased by $0. 2% to $78. 07 a barrel. One prominent determinant for the lower oil prices is the observed weakening of demand, as evidenced by the rise in US gasoline and distillate inventories, showing the start of the driving season has been slow. Besides, refineries are facing problems caused by the increased diesel supplies from new refineries and the reduced demand as a result of the mild weather and slow economic activity.

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The anticipated decline in petrol prices in Pakistan can serve as the much-needed respite for consumers struggling with economy hardships. This measure of the government conveys its responsiveness to public concerns and aims at mitigating the effects of inflation on the people. With the globe oil prices continuing to change, the consumers can expect more changes in petrol prices in the coming months, which will be influenced by the international market trends.