Islamabad -UNS:The government on Wednesday announced a reduction of Rs7.06 per litre in petrol prices and Rs3.71 per litre in high-speed diesel (HSD) rates, marking the third consecutive decrease in fuel prices.
Following the latest revision, petrol will be available at Rs362 per litre, while the price of high-speed diesel has been reduced to Rs387.81 per litre. The revised rates will take effect from Thursday, November 5, according to a notification issued by the Oil and Gas Regulatory Authority (OGRA).
The latest reduction comes amid a decline in international oil prices, with crude benchmarks falling below $100 per barrel during volatile trading on Wednesday. Investors remained cautious as they awaited Washington’s next move in the ongoing US-Israeli war with Iran, following the Republican Party’s loss of control of Congress in the midterm elections.
At 1619 GMT (9:19pm Pakistan time), Brent crude futures had fallen by $4.50, or 4.3 per cent, to $99.07 per barrel. US West Texas Intermediate (WTI) crude futures also declined by $4.13, or 4.3 per cent, to $92.02 per barrel.
Meanwhile, the government continues to collect Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel.
Under a 30-day arrangement announced on Monday, oil refineries will contribute a cumulative Rs15 billion towards the petroleum levy.
The initiative is expected to facilitate a total reduction of Rs14.71 per litre in petrol prices for consumers.
