According to senior officials in the Ministry of Energy, there is a possibility of significant relief in the prices of petroleum products from May 16. Over the next two weeks until May 31, petrol prices may decrease by Rs13 per liter, and diesel prices may decrease by Rs8 to Rs9.50 per liter. The officials have estimated that global prices have fallen massively, leading to a decline in petrol prices by Rs13 per liter and diesel prices by Rs8 to Rs9.50 per liter from May 16, 2024. The Middle East has stabilized after the end of the Iran-Israel missile attacks and the reduction of tensions in the Red Sea, leading to this positive development.
This month will mark the second consecutive relief in fuel prices as the authorities reduced the price of motor spirit (MS) by Rs5.45 per liter from Rs293.94 per liter to Rs288.49 per liter on May 1, 2024. Similarly, the price of diesel also decreased by Rs8.42 per liter from Rs290.38 to Rs281.96 per liter from May 1.
The estimates for these reliefs have been made based on the last ten days of trade of POL products in the international market. However, a more precise estimate will be available in the next two days, which will be implemented from May 16, 2024, after the approval of the prime minister. This relief will further help in reducing inflation in the country, which is already declining. The global price of petrol has decreased by $6.32 per barrel to $99.93, and diesel price is now $4.97 per barrel, which indicates a positive trend in the market.
