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significant reduction in petrol prices is anticipated starting May 16

According to sources, consumers in Pakistan can anticipate a “significant relief” in petrol and diesel prices due to a decline in global oil prices.

The government is expected to reduce the price of petrol by Rs14 per liter and diesel by Rs10 per liter on May 16 for the next fortnightly revision.

Last month, the government had decreased the prices of petrol and high-speed diesel for the following fortnight by Rs5.45 and Rs8.42, respectively. Currently, the price of petrol stands at Rs288.49 per liter, while that of HSD is Rs281.96.

On Monday, oil prices continued their downward trend due to indications of sluggish fuel demand and remarks from U.S. Federal Reserve officials that diminished expectations of interest rate cuts. Such cuts could potentially hamper growth and reduce fuel demand in the world’s largest economy.

Brent crude futures decreased by 25 cents, equivalent to 0.3%, reaching $82.54 per barrel. Meanwhile, U.S. West Texas Intermediate crude futures stood at $78.07 per barrel, down 19 cents, or 0.2%.

ANZ analysts noted that oil prices declined due to indications of weak demand, particularly as U.S. gasoline and distillate inventories increased in the week preceding the commencement of the U.S. driving season.

Refiners worldwide are facing challenges with diminishing profits for diesel, attributed to the rise in supplies from new refineries and subdued demand caused by mild weather in the northern hemisphere and sluggish economic activity.

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