Pedro says it would be "unforgiveable" for Barcelona to blow their unexpected opportunity to retain their Liga crown.
After last weekend's shock 2-2 draw at home to Getafe, the Blaugrana all but conceded the title. However, leaders Atletico then slumped to a stunning 2-0 loss at Levante before city rivals Real then drew two games in the space of four days to leave their hopes in tatters.
Indeed, as things stand, the title is now in Barca's hands again, because while they trail Atletico by three points, they host the Rojiblancos at Camp Nou on the final day of the season.
Consequently, Pedro feels that the Catalans simply have to take this chance to end an otherwise disappointing season on a high, though he stressed that Tata Martino's men must ignore the temptation to look ahead to their potential title decider against Atleti when beating Elche away is of just as much significance.
"I'd say [the title race] is now 50-50, because Atletico have a points advantage but we have the home advantage in the last game,” the winger told Marca.
"We have been given a boost in morale, a new dose of energy. It's now all up to us and it would be unforgivable to not see this through to the end.
"We have another mentality and can't fail. We will try to beat Elche to then play for everything at home in front of our crowd.
"We weren't speaking too soon when we said that the league was impossible to win. It was unthinkable given the results. Now we've been given a second chance and we have to take full advantage of it.
"The league title will be decided first by what we do this Sunday and we're playing a difficult away game. There's no point thinking about Atletico if we don't beat Elche."
Meanwhile, Pedro admitted that he has been left bitterly disappointed by all of the speculation surrounding his future at Camp Nou.
“Some very bad things have been said about me," the Spain international stated. "It's not in my hands to carry on here or not, but I'm calm and have faith that I can continue.
"We stay apart from all that. In the dressing room, we are united, raring to go and in good spirit. Tata Martino has not given up on us; there's still a lot at stake."