Notification Issued for Reduction in Petroleum Product Prices

Islamabad: OGRA has announced a reduction in the prices of petroleum products. According to the notification issued by the Petroleum Division, the price of petrol has been reduced by Rs1.70 and the price of diesel by Rs3.12 per litre. The new price of petrol has been set at Rs392.05 and the price of high-speed diesel at Rs418.96.

The new prices will take effect from 12 midnight tonight. Meanwhile, the supply of crude oil from Saudi Arabia to Pakistan via the Red Sea has resumed, easing concerns about a possible oil shortage in the country. According to a report by Arab News, Saudi Arabia’s key East-West pipeline was shut down on September 13 due to drone attacks, as a result of which crude oil loading from the Yanbu port on the Red Sea coast was also affected.

However, the pipeline has now been reactivated and oil supply to Pakistan has been restored. Saudi Arabia’s East-West pipeline transports crude oil from oil fields in the country’s eastern region to the Yanbu port. The importance of this route has increased further because it allows oil to reach global markets without using the Strait of Hormuz.

Oil tankers coming to Pakistan from Yanbu pass through the Red Sea, then Bab al-Mandab, and then enter the Arabian Sea. National Refinery Limited’s Chief Executive Asad Hassan told Arab News that Pakistani refineries have been informed of the resumption of oil supply from Yanbu. He said that the loading of a crude oil shipment for a Pakistani refinery has also begun and is expected to be completed by 9 pm on Tuesday. However, he did not provide details regarding the relevant refinery, the quantity of oil, the vessel, or the expected date of arrival in Pakistan.