ISLAMABAD: The federal government cut petrol by Rs9.41 to Rs352.59 per litre and high-speed diesel by Rs5.56 to Rs382.25, effective Friday, November 6.
The Oil and Gas Regulatory Authority (OGRA) announced the revised ex-depot prices on Thursday under the petroleum pricing mechanism approved by the federal government. Petrol previously cost Rs362.00 per litre, while high-speed diesel stood at Rs387.81.
The latest adjustment follows another reduction announced on Wednesday, when the government lowered petrol by Rs7.06 per litre and diesel by Rs3.71.
Read: LPG Price in Pakistan Hits Rs630 as Official Rate Rises
Both fuels have therefore become cheaper on consecutive days. The new rates apply from Friday under the federal government’s approved pricing system.
Meanwhile, international oil markets moved higher during Thursday’s trading as investors assessed developments in the US-Israeli war with Iran.
President Donald Trump’s Republican Party suffered heavy losses in the US midterm elections earlier this week. Traders were weighing how the election outcome might affect Washington’s approach to the conflict.
Read: Pakistan Petrol Price Falls Rs4.08 to Rs331.95 Per Litre
Brent crude futures rose $2.19, or 2.3%, to $96.81 per barrel as of 5:55 pm PKT on Thursday. US West Texas Intermediate crude futures gained $1.32, or 1.5%, to $89.44 per barrel at the same time.
