ISLAMABAD: The federal government has reduced the prices of petrol and high-speed diesel for the period from Aug. 1 to Aug. 3, according to a notification issued by the Petroleum Division.
Under the revised rates, the price of petrol has been cut by 12 paisas per liter to Rs. 336.03 per liter, while high-speed diesel has been reduced by 66 paisas per liter to Rs. 392.38 per liter.
The new prices will remain in effect for the three-day period, as stated in the official notification.
The latest revision comes a day after the government had announced an increase of Rs. 1.09 per liter in petrol prices and Rs. 2.42 per liter in diesel prices.
Earlier, oil prices slipped on Friday as fresh signs of increased shipping through key Middle East routes eased some supply concerns, but crude markets remained on track for a strong monthly gain of nearly 20% due to ongoing regional tensions.
Brent crude futures fell $1.03, or 1.2%, to $88 a barrel by 0215 GMT, while US West Texas Intermediate (WTI) crude declined $1.50, or 1.8%, to $82.09 a barrel. Despite the daily decline, both benchmarks were set for a monthly increase of around 20%.
“Crude oil edged lower as rising tensions in the Middle East were offset by signs of increased shipping through the Strait of Hormuz,” ING analyst Daniel Hynes said.
The Strait of Hormuz, one of the world’s most important energy routes, typically carries around one-fifth of global crude oil and liquefied natural gas shipments.
More read, Government raises petrol, diesel prices
The waterway has remained a major focus for oil markets since disruptions began following the launch of the US-Israel war on Iran on February 28. Concerns over possible supply interruptions have contributed to higher oil prices.
