Govt cuts petrol price by Rs5.45, diesel by Rs3.68 per litre

ISLAMABAD: The government has reduced the price of petrol by Rs5.45 per litre and high-speed diesel (HSD) by Rs3.68 per litre, according to an official notification issued on Tuesday.

Following the reduction, petrol will cost Rs369.06 per litre, down from Rs374.51, while the price of HSD has been reduced to Rs391.52 from Rs395.20 per litre.

The revised prices will take effect from midnight, according to the press release issued by the government.

Petroleum Minister Ali Pervez Malik had earlier hinted at a possible reduction in fuel prices, saying people would soon hear “good news”.

Speaking at a news conference alongside Information Minister Attaullah Tarar, Malik said the government had so far provided subsidies worth Rs1,300 billion to the people.

Global oil prices decline

International crude oil prices came under pressure on November 3 amid hopes of progress in possible talks between the United States and Iran, as well as easing concerns over oil shipments through the Strait of Hormuz.

According to Reuters, Brent crude was trading at around $103.14 per barrel, while US West Texas Intermediate (WTI) crude fell to $95.79 per barrel.

A day earlier, Brent futures had fallen 7.63% to settle at $104.77 per barrel, while WTI declined 7.36% to $96.46 per barrel, marking a sharp one-day drop.