OGRA Announces Reduction in Petroleum Product Prices, Notification Issued
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 Rs1.49 and the price of diesel by Rs2.73 per litre.
The new price of petrol has been set at Rs387.54 and the price of high-speed diesel at Rs402.24.
The new prices will take effect from 12 midnight tonight. The reduction in petrol prices has been announced for September 30.
In the international market, crude oil prices recorded an increase for the second consecutive session, mainly attributed to concerns over supply disruptions in the Middle East and the US-Iran dispute.
According to Arab TV, the price of Brent crude futures rose by $1.49, or 1.4 percent, to $106.77 per barrel.
Similarly, the price of US crude West Texas Intermediate also rose by $1.34, or 1.5 percent, to $93.94 per barrel. According to the report, some indications of recovery in crude oil exports from the region have emerged; however, the US-Iran dispute and uncertainty regarding oil transportation through the Strait of Hormuz have kept pressure on the market. The Strait of Hormuz is a vital maritime route for global energy transportation, so disruptions there can directly affect global oil prices.
