KARACHI – Pakistan’s motorists get some relief as the federal government announced a reduction in petrol and high-speed diesel prices, bringing the cost of both major fuels down for Tuesday.
Under the revised rates, petrol has become cheaper by Rs5.16 per litre, with its price falling to Rs381.14. High-speed diesel (HSD) has seen a larger cut of Rs7.69 per litre, bringing its new price to Rs389.27.
The Petroleum Division confirmed the adjustment in an official press release, stating that the Oil and Gas Regulatory Authority (OGRA) revised the ex-depot prices in accordance with the federal government’s petroleum pricing mechanism.
The domestic price reduction comes as global oil markets witnessed a decline on Monday, with crude prices slipping by more than $1 after reaching multi-month highs last week.
Investors moved to secure profits following the recent rally, while uncertainty surrounding geopolitical tensions in the Middle East and Ukraine continued to influence market sentiment.
Traders are also assessing the possible effects of US waivers involving certain sanctions and tariffs linked to Russian exports, with developments in global energy markets remaining a key factor for oil prices.
