Notification Issued for Further Reduction in Petroleum Product Prices
Islamabad (Daily Qudrat) — 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 84 paise and the price of diesel by Rs 2.63 per litre. The new price of petrol has been fixed at Rs 389.28 and the price of high-speed diesel at Rs 412.12.
The new prices will take effect from 12 midnight tonight.
The reason for the reduction in oil prices in Pakistan is that oil prices in the global market have fallen to their lowest level in two weeks, with the main reason cited as improved prospects for oil supply from the Gulf and hopes of reopening the Strait of Hormuz. According to reports in the international media, the price of the November contract for Brent crude fell by $2.01, or 2 percent, to $98.33 per barrel, while the October delivery of US West Texas Intermediate fell by $2.50, or 2.61 percent, to $93.28 per barrel. Signals from Iran regarding the possibility of reopening the Strait of Hormuz within the next seven days have reduced concerns about oil supply in the global market.
