With the expected sharp decline in petroleum product prices starting on May 16, there is a sigh of relief for the masses affected by inflation.

According to reports, the price of petrol dropped significantly by Rs. 12 per litre, and the price of diesel is probably going to drop by Rs. 9.70 per litre as well.

The price of petrol has been declining globally, falling by $6.32 a barrel. As of right now, the price per barrel is $99.93 globally. In a similar vein, the price of diesel has dropped globally to $4.97 a barrel, indicating a favourable change in the market.

Many people are relieved about this impending cut, particularly in light of the comparable drop in petrol prices that was observed on May 1.

Current Pakistani rates for fuel and diesel

The administration of Shehbaz Sharif lowered the price of fuel on May 1 by Rs5.45, making the new price per litre Rs288.49.

Conversely, high-speed diesel (HSD) now costs at Rs281.96 per litre, a reduction of Rs8.42 per litre.

In the midst of these changes, figures from Topline Securities and the Oil Companies Advisory Committee (OCAC) reveal a worrying trend in the sales of petroleum products.

A significant 11 percent drop in sales has been observed in the first ten months of the current fiscal year. The sale of petroleum products has decreased from 13,970,000 tonnes to 12,443,000 tonnes when comparing July 2023 to April 2024 with the same period of the previous fiscal year.

Similar depressing statistics are shown for April, when sales totaled 1,104,000 tonnes, down 4% from March of this year and 6% from the same month last year.