ISLAMABAD (The Thursday Times) — Pakistan has cut the price of petrol by Rs3.40 a litre to Rs374.51 and high-speed diesel by Rs7.76 a litre to Rs395.20, the Oil and Gas Regulatory Authority said on Monday. The new prices take effect on Tuesday, November 3.
Petrol had been held at Rs377.91 a litre in recent revisions. Diesel went up by Rs2.29 a litre on Friday to Rs402.96 while petrol stayed unchanged.
The regulator said the change reflected global developments, including changes in Platts rates, premiums and incidentals.
Oil fell about 6% on Monday on hopes that talks between Iranian and Qatari officials would ease supply disruption from the war with Iran. Brent crude was down $6.78 at $106.65 a barrel at 1357 GMT, and US crude was down $6.37 at $97.75.
Earlier on Monday, Petroleum Minister Ali Pervaiz Malik said refineries would carry a burden of about Rs15 billion a month to stop a Rs15 a litre rise in petrol, and that some relief would come on Monday. He said the government would meet refiners on Tuesday.
