Govt cuts petrol price by Rs8, diesel by Rs7 per litre
The government on Tuesday cut the price of petrol by Rs8 per litre to Rs338 and the price of high-speed diesel (HSD) by Rs7 per litre to Rs371, effective November 11. The revision was announced in a press release issued by the Oil and Gas Regulatory Authority (OGRA). It said the revised ex-depot prices were set under the petroleum products pricing mechanism approved by the federal government.…
On November 11, the government announced a reduction in the price of petrol and high-speed diesel, effective from the following day. The petrol price was lowered by Rs8 per litre, bringing the new ex-depot price to Rs338. Similarly, the price of diesel was cut by Rs7 per litre, reducing it to Rs371. These changes were made under the petroleum products pricing mechanism approved by the federal government, as per a press release by the Oil and Gas Regulatory Authority (OGRA).
Previously, petrol was priced at Rs346 per litre, while diesel was Rs378 per litre. The price adjustments came after a global oil price drop of nearly 2% to two-month lows on Tuesday. This decline was attributed to US officials' reassurance that no additional military action against Iran was necessary, alleviating concerns about potential supply disruptions in the Middle East.
Brent crude futures fell by $1.93, or 2.1%, to $90.64 a barrel, while US West Texas Intermediate (WTI) crude dropped by $1.44, or 1.7%, to $85.41. These developments pushed both benchmarks towards their lowest closes since August 28. On Monday, both contracts had closed at their lowest levels since August 31.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
