Notification Issued for 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 Rs 2.71 and the price of diesel by Rs 0.03 per litre. The new price of petrol has been fixed at Rs 392.66 and the price of high-speed diesel at Rs 396.82.
The new prices will take effect from 12 midnight tonight.
A decline in oil prices was recorded in the international market. After an increase of about $2 in the previous trading session, prices came down. According to foreign media, the price of Brent crude fell by 61 cents, or 0.57 percent, to $106.04 per barrel. The price of US West Texas Intermediate crude fell by 47 cents, or 0.5 percent, to $93.27 per barrel.
Similarly, a decline in crude oil prices was recorded in the international market, attributed to expectations of possible additional diesel supply from Russia and an assessment of risks to oil supply in the Gulf region. According to the news agency Reuters, despite risks to oil shipments following attacks on Saudi Arabia, investors are also keeping an eye on possible additional diesel supply from Russia.
Due to this situation, oil prices moved toward a decline for the first time in about a week. During trading, the price of Brent crude futures fell by $1.30, or 1.2 percent, to $105.35 per barrel. Similarly, the price of US crude West Texas Intermediate (WTI) was recorded at $92.49 per barrel after a decline of $1.25, or 1.3 percent.
