ISLAMABAD: The federal government on Tuesday reduced the price of petrol by Rs3.19 per litre while increasing the price of high-speed diesel by Rs2.25 per litre, according to a notification issued by the Petroleum Division.
Under the revised prices, petrol will cost Rs376.06 per litre, down from the previous rate.
The price of high-speed diesel has been raised to Rs398.07 per litre.
The new prices will take effect on October 28, the notification said.
Earlier, Oil prices edged lower Tuesday, falling about 1% as prospects for a resolution of the U.S.-Israeli war on Iran kept supply fears at bay amid talks in Tehran, despite renewed Houthi attacks on Saudi Arabia.
Brent crude futures were down $1, or 0.86%, at $114.81 a barrel by 0418 GMT, while U.S. West Texas Intermediate crude was down 88 cents, or 0.86%, at $100.88. Both fell 1% early in the session.
Saudi Arabia, Turkey and Pakistan held talks with Iranian officials in Tehran on Monday aimed at easing tension in the Middle East. The four countries agreed to continue talks with a view to strengthening cooperation in peace and security, Iranian state media said.
Crude oil prices are witnessing profit-taking after surging to multi-month highs, as renewed diplomatic efforts in West Asia have raised hopes of a potential breakthrough in negotiations between the U.S. and Iran.
Last week, Brent prices surged to more than $117 a barrel, the highest since April, after a wave of Iranian attacks on tankers around the Strait of Hormuz. Brent prices touched $117 on Monday as well.
