Government Cuts Petrol Price by Rs2.20, Diesel by Rs1.50 per Litre
Islamabad: The federal government has announced a reduction in the prices of petroleum products, with petrol becoming Rs2.20 cheaper per litre and diesel seeing a reduction of Rs1.50 per litre.
According to a notification issued by the Petroleum Division, the new price of petrol has been fixed at Rs327.62 per litre, while diesel will now cost Rs380.86 per litre.
The revised prices will take effect from midnight tonight.
Meanwhile, the movement of commercial and oil tankers through the Strait of Hormuz has declined significantly this week, as global markets continue to closely monitor the ongoing negotiations between Iran and Oman.
According to the British news agency, only 33 vessels passed through the Strait of Hormuz from Monday to Thursday, compared with 50 vessels during the same period last week.
The data indicates that traffic through the strategically important waterway has fallen by nearly one-third.
The report said only four vessels passed through the strait a day earlier, including the very large crude carrier Nissos Kya. The vessel was carrying around two million barrels of Basrah crude oil from Iraq’s Basrah Oil Terminal. Two of the other vessels were carrying liquefied petroleum gas, while the fourth was a small cargo vessel.
So far this week, only six crude oil tankers have exited the Strait of Hormuz, while a total of 21 vessels have entered the waterway, most of them using the Iranian route.
Shipping sources said several Chinese and Indian refineries have been looking for vessels capable of entering the Strait of Hormuz and loading crude oil from Iraq’s Basrah Oil Terminal.
