Massive cut on cards in petroleum prices

A massive cut is on cards in the petroleum product prices in Pakistan, which are likely to be effective from May 16.

According to reports, petrol may see a Rs12 per litre cut, while diesel prices are likely to go down by Rs9.70 per litre.

The reason behind the cut is to provide the nation relief amid a downward trend in petroleum product prices globally which are plummeting by $6.32 per barrel.

Presently, the global price stands at $99.93 per barrel. Similarly, the global diesel price has fallen to $4.97 per barrel, reflecting a positive shift in the market.

This upcoming reduction comes as a relief to many, especially after a similar decrease in petroleum prices was witnessed on May 1.

On May 1, Shehbaz Sharif-led government reduced the price of petrol by Rs5.45, taking the new rate to Rs288.49 per litre.

On the other hand, the price of high-speed diesel (HSD) has also been slashed by Rs8.42 per litre to Rs281.96.