Petroleum product prices are set to decline further starting May 16, with petrol anticipated to drop by Rs 12 per litre.

This decrease aligns with the global trend, where gasoline prices have fallen by 6.32 dollars per barrel, reaching approximately $99.93 per barrel.

Similarly, diesel prices are expected to decrease by Rs 9.70 per litre, reflecting a global decline to $99.08 per barrel.

Meanwhile, the country has witnessed an 11% annual decline in petroleum product sales during the first 10 months of the current financial year.

According to OCAC and Topline Securities, sales from July 2023 to April 2024 totalled 12,443,000 metric tons, marking an 11% decrease compared to last year, which saw 13,970,000 metric tons.

In April, the country recorded sales of 1,104,000 metric tons of petroleum products, reflecting a 6% decrease compared to April last year and a 4% decrease compared to March.

Notably, gasoline sales for the first 10 months of this fiscal year totalled 5,831,000 metric tons, a 6% decline from the previous year’s 6,173,000 metric tons.

Similarly, sales of high-speed diesel amounted to 5,050,000 metric tons, 4% less than the same period in the previous fiscal year.

The data also reveals a significant decline in furnace oil sales, with only 869,000 metric tons sold in the first 10 months of the current financial year, marking a 53% decrease compared to the previous year’s 1,866,000 metric tons. Other petroleum product sales totalled 693,000 metric tons during the same period.

These figures illustrate both the global and domestic dynamics affecting petroleum product prices and sales, highlighting the importance of monitoring trends to understand market fluctuations and their impact on the economy.

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