Pakistan government on Wednesday reduced the price of petrol by Rs3 to Rs335 per litre and the price of high-speed diesel (HSD) by Rs7 to Rs364 per litre, effective Thursday, November 12.
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 Tuesday, the government cut the price of petrol by Rs8 to Rs338 per litre and the price of diesel by Rs7 to Rs371 per litre.
Globally, oil prices rose about 2% on Wednesday after Iran’s security chief said Tehran would not allow any enriched nuclear material to leave the country, feeding supply worries that lifted prices off two-month lows hit the previous session.
Washington has said nuclear issues must be part of any initial negotiations with Tehran aimed at ending the US-Israeli war on Iran.
Brent futures were up $2.15, or 2.35%, at $93.64 a barrel by 12:04 p.m. EST (1704 GMT). US West Texas Intermediate crude gained $1.69, or 1.96%, to $87.73.
Source: brecorder
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