ISLAMABAD (The Thursday Times) — The government has cut the price of petrol by Rs3.19 a litre and raised high-speed diesel by Rs2.25 from Wednesday, October 28, a day after increasing both, the Petroleum Division said on Tuesday.
Petrol will now sell at Rs376.06 a litre, down from Rs379.25, while diesel rises to Rs398.07 from Rs395.82. The Oil and Gas Regulatory Authority, which sets prices daily, said the change followed movements in Platts rates, premiums and incidentals in global markets.
On Monday, petrol had gone up by Rs1.54 and diesel by Rs2.16. Brent crude was trading near $115 a barrel on Tuesday, close to multi-month highs, as attacks by Yemen’s Houthis on Saudi Arabia and the threat of further US-Israeli strikes on Iran kept markets on edge.
The change comes as the government and Jamaat-e-Islami set up a committee to look at widening fuel relief and phasing out the petroleum levy, with JI threatening a march on Islamabad in mid-November if its demands are not met.
