Petrol, diesel prices set to fall in Pakistan

KARACHI: Petroleum prices in Pakistan are likely to go down in the upcoming fortnightly review as global oil prices continue their downward trend, ARY News reported citing sources.

The price of petrol decreased by $1.86 per barrel to $107.16 per barrel, while the price of diesel in the global market recorded a fall of $4.3 per barrel to $104.76 per barrel,

Following the global trend, the petrol price likely to go down by Rs5 per liter in the domestic market. Similarly, the price of diesel mag fall by Rs7.85 per liter for consumers in the Pakistani market.

During last review, the federal government increased the petrol price by Rs 4.53 per liter, and the price of diesel by Rs 8.14 per liter.

The petrol was currently being sold at Rs293.94 per liter while the High-Speed Diesel was available at Rs 290.38 per liter.

Oil prices in international market were little changed on Thursday as falling fuel demand in the U.S., the world’s biggest oil user, amid signs of a slowing economy contended with concerns for a widening conflict in the key Middle East producing region.

Brent crude futures edged up 9 cents to $88.11 a barrel at 0420 GMT, after falling 0.5% in the previous session.

U.S. West Texas Intermediate crude futures for June gained 7 cents to $82.88 a barrel, following a 0.6% drop on Wednesday.

Data from the U.S. Energy Information Administration (EIA) showed gasoline demand in the week to April 19 dropped 2.8% from a week earlier and is down 11% from a year ago. Distillate fuel demand also declined from a week ago and is down 4.7% from a year ago.

The falling fuel demand is occurring amid signs of cooling U.S. business activity in April and as stronger-than-expected inflation and employment data means the U.S. Federal Reserve is more likely to delay expected interest rate cuts, weighing on economic sentiment.

Other EIA data on Wednesday showed U.S. oil inventories unexpectedly fell last week as exports jumped, while gasoline stockpiles decreased less than forecast.