Sulphur price surge: Govt plans subsidies for DAP

On September 23, the government announced a price reduction for both diesel and petrol. High-speed diesel (HSD) saw a decrease of Rs3.12 per litre, now priced at Rs418.96 per litre. Conversely, petrol prices were lowered by Rs1.70, bringing the cost to Rs392.05 per litre. These changes were implemented under the petroleum pricing mechanism established by the federal government, as per a release from the Petroleum Division.

The reductions were prompted by global factors, such as shifts in Platts rates, premiums, and incidentals. The revised prices will remain in effect until September 23, 2026. Notably, the last price adjustment saw a Rs1.96 drop in HSD to Rs422.08 per litre and a Rs4.61 increase in petrol to Rs393.75 per litre. Meanwhile, oil prices experienced a two-week low, with Gulf supply prospects improving.

Iran suggested reopening the Strait of Hormuz within seven days, while Saudi Arabia planned to resume exports from its Red Sea port of Yanbu. Brent crude futures, specifically the November contract, fell by $2.11, or 2.1%, to $98.23 a barrel, while the WTI October contract lost $2.48, or 2.59%, to $93.30 a barrel. The November contract also saw a decrease of $2.36, or 2.55%, to $90.01 a barrel. These futures contracts had reached their lowest levels since September 8.