ISLAMABAD: The government has reduced petrol and high-speed diesel prices for the next fortnight following a decline in international oil prices.
According to an Oil and Gas Regulatory Authority (OGRA) notification, petrol has become cheaper by Rs2.27 per litre, bringing its new price to Rs389.03.
Meanwhile, the price of high-speed diesel has fallen by Rs3.56 per litre to Rs404.97.
Earlier estimates had projected a reduction of Rs1.50 per litre for petrol and Rs2.73 for diesel.
International Oil Prices Decline
International oil prices fell on Tuesday as investors assessed signs of recovering crude exports from the region.
However, concerns over supply disruptions linked to the US-Israeli war on Iran continued to influence the market.
Brent crude futures declined by 54 cents, or 0.51%, to $104.74 per barrel at 11:44 GMT.
US West Texas Intermediate (WTI) crude also fell by 77 cents, or 0.83%, to $91.83 per barrel.
Despite the latest decline, Brent and WTI remained on track for monthly gains of around 16% and 7%, respectively.
The latest domestic price revision follows the movement in international oil markets and provides relief to consumers for the coming fortnight.
