Petrol price cut by Rs1.70 per litre, diesel by Rs3.12

The federal government on late Tuesday evening reduced the price of petrol by Rs1.70 per litre and high-speed diesel (HSD) by Rs3.12 per litre.

Following the reduction, the new price of petrol has been fixed at Rs392.05 per litre, while HSD will cost Rs418.96 per litre.

The revised prices are linked to petrol and diesel prices in the international market, according to the Oil and Gas Regulatory Authority’s notification.

The updated prices will be implemented from tonight and will stay in practice till tomorrow evening.

On September 21, Brent crude for November delivery settled at $100.34 per barrel, down 3.4 per cent, while US West Texas Intermediate (WTI) crude settled at $95.78 per barrel, registering a 4.51 per cent decline.

Oil prices remained volatile during trading on September 22, with Brent trading around $98-$100 per barrel and WTI between $90 and $95 per barrel.

Prices came under pressure amid reports of improved oil supplies from the Gulf region and the resumption of Saudi Arabia’s exports.