In the forthcoming biweekly assessment, petroleum prices in Pakistan are expected to decrease as global oil prices continue their downward trajectory. The cost of petrol has dropped by $1.86 per barrel to $107.16, while diesel saw a decline of $4.3 per barrel to $104.76 on the global market.
Reflecting this global trend, domestic petrol prices are likely to decrease by Rs5 per liter, with diesel potentially falling by Rs7.85 per liter for Pakistani consumers. In the previous review, the federal government had raised petrol prices by Rs4.53 per liter and diesel prices by Rs8.14 per liter.
Presently, petrol is being sold at Rs293.94 per liter, and High-Speed Diesel at Rs290.38 per liter.
On the international stage, oil prices remained relatively stable on Thursday, with concerns about reduced fuel demand in the US, the world's largest oil consumer, amidst signs of economic slowdown, juxtaposed with anxieties over escalating tensions in the Middle East, a major oil-producing region.
Brent crude futures saw a marginal increase of 9 cents to $88.11 a barrel, following a 0.5% dip in the previous session, while US West Texas Intermediate crude futures for June gained 7 cents to $82.88 a barrel, after a 0.6% decline on Wednesday.
Data from the US Energy Information Administration (EIA) revealed a 2.8% decrease in gasoline demand in the week ending April 19 compared to the previous week, with an 11% drop from a year ago. Similarly, distillate fuel demand also declined from the prior week, with a 4.7% decrease from a year ago.
This decline in fuel demand comes alongside indications of a cooling US business activity in April and as stronger-than-expected inflation and employment figures imply that the US Federal Reserve may postpone anticipated interest rate adjustments, dampening economic sentiment.
Additionally, EIA data released on Wednesday showed an unexpected reduction in US oil inventories last week due to increased exports, although gasoline stockpiles decreased less than anticipated.
