The price of Liquefied Petroleum Gas (LPG) plunged by Rs70 per kilogram as surplus stock puts pressure on prices.
The new price of LPG has been fixed at Rs180 per kg as previously it was sold for Rs250 in Pakistan.
The development comes after Oil & Gas Development Company (OGDCL) has reduced the production cost following the arrival of three ships carrying imported LPG.
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.
As inflation has been on a decline during the current calendar year, the Finance Division expects the consumer price index (CPI) for May to drop further and stay between 12.5-13.5 range, thus boosting the hopes for interest rate cuts – considered a must for reviving Pakistan’s economy.
“Nonetheless, there are prospects for gradual easing, with expectations of a decrease to 12.5-13.5 percent by June 2024,” it says in the latest Monthly Economic Update and Outlook – May 2024.
