Petroleum Product Prices to Decline from May 16, Reflecting Global Shifts
Energy Update Report: Petrol Anticipated to Drop by Rs 12/Litre, Diesel by Rs 9.70/Litre
In an anticipated market move, petroleum product prices are set to decrease starting May 16, aligning with global trends. Petrol is expected to see a substantial drop of Rs 12 per litre, while diesel is forecasted to decrease by Rs 9.70 per litre, reflecting a decline in global gasoline prices to approximately $99.93 per barrel and diesel prices to $99.08 per barrel.
Sales Trends Highlight Market Dynamics
Amidst these price adjustments, Pakistan’s petroleum industry has witnessed an 11% annual decline in sales during the first 10 months of the current financial year. Sales data from July 2023 to April 2024, sourced from OCAC and Topline Securities, reveals a total of 12,443,000 metric tons sold, marking an 11% decrease compared to the previous year’s figures.
Key Sales Figures:
Gasoline Sales: 5,831,000 metric tons (6% decline from last year)
High-Speed Diesel Sales: 5,050,000 metric tons (4% decline from last year)
Furnace Oil Sales: 869,000 metric tons (53% decrease from last year)
Significance for Energy Sector and Economy
These developments in petroleum product prices and sales trends underscore the importance of monitoring market shifts, particularly for industries reliant on energy resources. The declining prices and sales figures reflect both global and domestic market dynamics, highlighting the need for strategic planning and analysis within the energy sector and its broader economic implications.
