Big Drop! LPG price reduced by Rs70 per kg in Pakistan:

New price of LPG has been fixed at Rs180/kg from previous rate of Rs250/kg.

The price of Liquefied Petroleum Gas (LPG) has dropped by Rs70 per kilogram due to an oversupply. The new price is now Rs180 per kg, down from the previous price of Rs250 per kg in Pakistan.

The prices are expected go see another dip in coming days as another ship is set to dock at Karachi port in two or three days. This change happened because the Oil & Gas Development Company (OGDCL) lowered production costs after three ships carrying imported LPG arrived.

With inflation decreasing this year, the Finance Division expects the consumer price index (CPI) for May to fall further, landing between 12.5% and 13.5%. This raises hopes for interest rate cuts, which are seen as essential for reviving Pakistan’s economy.

“There are expectations for a gradual decrease in inflation to 12.5% to 13.5% by June 2024,” the latest Monthly Economic Update and Outlook for May 2024 states. after this drop of Rs70 per kg we might see more price reduction in next few weeks.

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