Fuel price in Pakistan may see another big drop from May 16

Masses struggling with inflation can expect relief as petroleum product prices are set to decrease significantly starting May 16.

Reports indicate a substantial drop in petrol prices by Rs12 per litre and diesel by Rs9.70 per litre.

Globally, petrol prices have fallen by $6.32 per barrel to $99.93, and diesel prices are now at $4.97 per barrel, showing a positive market shift.

This reduction follows a similar decrease on May 1, where petrol prices were cut by Rs5.45 per litre and high-speed diesel by Rs8.42 per litre.

However, sales data from OCAC and Topline Securities show a worrying trend, with a 11% decline in petroleum product sales over the past 10 months compared to the previous fiscal year.

April sales were also lower, down by 6% compared to last year and 4% from March this year, totaling 1,104,000 tonnes.

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