The government of Pakistan has announced revised prices for petroleum products, with a reduction in the price of petrol and an increase in the price of high-speed diesel.
According to a notification issued by the Petroleum Division, the price of high-speed diesel has been increased by Rs3.37 per litre, bringing the new rate to Rs386.83 per litre.
Meanwhile, the price of petrol has been reduced by Rs1.00 per litre, setting the new price at Rs334.18 per litre.
The revised prices will take effect from , in accordance with the Petroleum Division’s notification.
Earlier, Petroleum Minister Ali Pervaiz Malik said global oil prices are beginning to decline after ships stranded in the Bab el-Mandeb Strait resumed their voyages.
In a statement, the minister said crude oil, petrol, and diesel prices in the international market were now trending downward after several days of increases.
He said any reduction in domestic fuel prices would be determined by the Oil and Gas Regulatory Authority (OGRA) under its pricing formula.
Meanwhile, global crude oil prices fell sharply following an easing of tensions between Iran and the United States.
Brent crude dropped 9.26% to $87.82 per barrel, while West Texas Intermediate (WTI) crude fell 7.64% to $82.49 per barrel.
