Petroleum Prices to Drop in Pakistan as International Rates Decline

Following a decrease in international market rates over the last fortnight, the Oil and Gas Regulatory Authority (OGRA) has announced a reduction in the prices of petroleum products, including motor spirit and high-speed diesel, effective from May 1, 2024. According to Press Information Department, the new pricing structure set by OGRA will see motor spirit (petrol) prices decrease from Rs. 293.94 per liter to Rs. 288.49, a reduction of Rs. 5.45 per liter. Similarly, high-speed diesel (HSD) prices will drop from Rs. 290.38 per liter to Rs. 281.96, decreasing by Rs. 8.42 per liter. These adjustments reflect changes in the global petroleum market and aim to pass the benefits of lowered international prices directly to consumers. This price reduction is part of OGRA’s ongoing efforts to align domestic fuel prices with international trends, ensuring that the economic benefits of decreased global oil prices are effectively transferred to the Pakistani populace.