Government Cuts Petrol Prices by Rs15.39 in May 2024

petrol price in pakistan petrol price drop in pakistan may 2024

The government of Pakistan has decided to decrease the price of petrol by Rs15.39 for May 2024, bringing the new rate to Rs273.10 per liter.

This reduction in petrol and diesel prices follows the recommendation of the Oil and Gas Regulatory Authority (OGRA). According to a notification from the Finance Ministry, the price of petrol has decreased by Rs15.39, now standing at Rs273.10 per liter, while the price of diesel has been lowered by Rs7.88 to Rs274.08 per liter.

These adjustments in fuel prices are influenced by changes in international market rates.

In Pakistan, the government regularly revises petroleum prices every fortnight, using a formula that considers international oil prices, exchange rates, and other relevant factors.

My Opinion: It’s a relief to see the government taking steps to alleviate the burden on consumers by reducing petrol prices. This move not only affects individual consumers but also has wider implications for the economy, as transportation costs decrease, potentially leading to lower prices for goods and services. The transparent process of adjusting prices based on international market rates ensures fairness and stability in fuel costs.