The petrol price is likely to fall by up to Rs14 per litre and that of diesel by up to Rs10 per litre on May 16, informed sources have said.

On May 1, the government reduced the petrol price by Rs5.45 to Rs288.49 per litre and that of diesel by Rs8.42 to Rs281.96 per litre.

Sources in the Energy Ministry say oil prices in the global market have dropped considerably after tensions between Iran and Israel were prevented from escalating.

They add the security situation in the Red Sea has also improved, bringing stability to the Middle East, which has brought down the prices of petroleum products.

On the other hand, the gold price has declined by Rs1,200 to Rs242,300 per tola in the local market.

According to the All Sindh Saraf and Jewellers Association, the price of 10-gram gold has also decreased by Rs943 to Rs207,773 per tola.

In the international market, the gold price fell by $10 to $2,349 per ounce.

On May 10, the gold price experienced a significant increase in the global and local markets as the yellow metal became expensive by Rs4,600 per tola in Pakistan.

The price of gold per ounce in the international bullion market reached $2,366, an increase of $54, with the impact of rising prices at the international level also reflected in local markets.

In the local market, the price of 24-carat gold increased by Rs4,600 to reach Rs243,800 per tola, while the price of 10 grams of gold also rose by Rs3,944 to reach Rs209,019 per tola.

In addition to gold, the price of silver in the country increased by Rs30 to reach Rs2,650 per tola, and the price of 10 grams of silver also rose by Rs25.72 to reach Rs2271.94 per tola.