Petroleum prices in Pakistan likely to decrease in biweekly review

Petroleum prices in Pakistan likely to decrease in biweekly review

Petroleum prices in Pakistan likely to decrease in biweekly review

Petrol price in Pakistan likely to decrease in biweekly review

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ISLAMABAD: Petroleum prices in Pakistan are expected to decrease in the upcoming biweekly review as global oil prices continue to decline.

The cost of petrol dropped by $1.86 per barrel to $107.16 per barrel, and diesel prices fell by $4.3 per barrel to $104.76 per barrel in the global market.

Reflecting this global trend, domestic petrol prices are anticipated to decrease by Rs5 per liter, and diesel prices may fall by Rs7.85 per liter for consumers in Pakistan.

In the previous review, the federal government raised petrol prices by Rs4.53 per liter and diesel prices by Rs8.14 per liter.

Currently, petrol is being sold at Rs293.94 per liter, and High-Speed Diesel is priced at Rs290.38 per liter.

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On the international front, oil prices remained relatively stable on Thursday. Brent crude futures increased by 9 cents to $88.11 a barrel at 0420 GMT, following a 0.5% decline in the prior session. U.S. West Texas Intermediate crude futures for June rose by 7 cents to $82.88 a barrel, after a 0.6% drop on Wednesday.

Data from the U.S. Energy Information Administration (EIA) revealed a 2.8% decline in gasoline demand from the previous week and an 11% decrease compared to last year. Distillate fuel demand also fell from the prior week, down 4.7% from a year ago.

These declines in fuel demand coincide with signs of a cooling U.S. economy in April and expectations that the U.S. Federal Reserve will delay anticipated interest rate cuts due to stronger-than-expected inflation and employment figures, which have weighed on economic sentiment.

Additional EIA data from Wednesday indicated a surprise reduction in U.S. oil inventories last week due to increased exports, although gasoline stockpiles decreased less than anticipated.

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