The Pakistan government has reduced the prices of petroleum products, with petrol becoming cheaper by Rs3.39 per litre and high-speed diesel by Rs4.70 per litre.
According to the new prices issued by the Oil and Gas Regulatory Authority (OGRA), the price of petrol has been fixed at Rs328.56 per litre, while the new price of high-speed diesel has been set at Rs385.86 per litre.
OGRA has issued a notification regarding the revised petroleum prices for August 5.
The new prices will come into effect at 12 midnight tonight and will remain applicable for the next 24 hours.
It is worth noting that the government also announced a reduction in petroleum prices a day earlier.
Under the previous revision, the price of petrol was reduced by Rs4.08 per litre, while diesel was cut by Rs2.45 per litre.On the other hand, Oil prices fell by around 4% on Tuesday to a three-week low after comments by Qatar and U.S. Treasury Secretary Scott Bessent raised hopes for a diplomatic resolution to the Middle East conflict, which would improve oil flows through the Strait of Hormuz.
Front-month Brent futures fell $3.11, or 3.71%, to $80.66 a barrel by 1159 GMT after hitting a session high of $86.33.
U.S. West Texas Intermediate (WTI) crude was down $3.58, or 4.46%, at $76.76 a barrel after touching a session high of $82.33.
Both contracts fell to their lowest levels since July 13.
