Pakistan Cuts Petrol and Diesel Prices Slightly After Previous Hike
Islamabad: The government has announced a slight reduction in petroleum product prices following a significant increase in the previous price revision.
According to a notification issued by the Petroleum Division, based on the recommendations of the Oil and Gas Regulatory Authority (OGRA), the price of petrol has been reduced by Rs4.08 per litre, while high-speed diesel has been cut by Rs2.45 per litre, effective August 4.
Under the revised rates, petrol will now cost Rs331.95 per litre, while high-speed diesel has been fixed at Rs389.93 per litre.
Global Oil Prices Decline
The announcement comes as international crude oil prices recorded a sharp decline following easing tensions between Iran and the United States.
According to media reports, global oil prices fell after signs of reduced geopolitical tensions and an announcement by the U.S. President regarding a halt to military strikes against Iran.
In international trading, Brent crude fell by around 5.4%, while West Texas Intermediate (WTI) declined by more than 6%.
According to The Guardian, Brent crude was trading at around $83.47 per barrel, after earlier dropping as much as 7.3% to $81.55 per barrel. WTI also fell by more than 5%, trading near $79.47 per barrel.
A separate report by Bloomberg said WTI futures for September delivery dropped 5.75% to approximately $79.80 per barrel, while Brent crude futures for October delivery declined 4.77% to around $83.74 per barrel.
Meanwhile, gold prices edged higher, while several agricultural commodities recorded declines during international trading.
