Effective September 30, the federal government has announced a fresh reduction in fuel prices, bringing relief to consumers amid a drop in global oil rates.
The federal government has provided another round of relief to the public by cutting the price of petrol by Rs 1.49 per litre and high-speed diesel (HSD) by Rs 2.73 per litre.
According to a statement released by the Petroleum Division on Tuesday, the Oil and Gas Regulatory Authority (OGRA) calculated the revised rates in accordance with the government’s standard petroleum pricing mechanism.
Second Consecutive Cut This Week
This latest adjustment marks the second price drop in just 24 hours. Just a day prior on Monday, the government slashed petrol prices by Rs 2.27 and HSD by Rs 3.56.
The Petroleum Division noted that these back-to-back reductions are a direct response to fluctuating international Platts rates, alongside standard adjustments in premiums and incidentals.
Global Market Trends
The local price relief mirrors a downward trend in the international market. Global oil prices took a hit on Tuesday, with Brent crude dipping by 1.86% ($1.96) to settle at $103.32 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude saw a 2.11% drop ($1.95), bringing it down to $90.65 a barrel.