The government on Tuesday reduced the price of petrol by Rs5.45 per litre and that of high-speed diesel (HSD) by Rs3.68.
Following the revision, petrol will retail at Rs369.06 per litre, while HSD will cost Rs391.52.
The prices are applicable for Nov 4 (Wednesday), according to a notification by the Oil and Gas Regulatory Authority (Ogra).
The latest price cut also comes as international oil prices slid about 2 per cent to a three-week low on Tuesday in volatile trade. The market weighed talks to end the wars in Ukraine and Iran against worries about additional supply disruptions from recent attacks in both conflicts.
Brent futures fell $1.63, or 2pc, to $103.14 a barrel at 8:44pm PKT, while US West Texas Intermediate crude fell 67 cents, or 1pc, to $95.79. Brent was on track for its lowest close since Oct 7 and WTI was headed for its lowest close since Oct 14.
The government continues to levy Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel.
Under an arrangement announced on Monday for 30 days, oil refineries will contribute to the petroleum levy by bearing a cumulative impact of Rs15 billion, according to the government. This would allow a Rs14.71 reduction in the petrol price at the consumer end.
Addressing a press conference today, Petroleum Minister Ali Pervaiz Malik said efforts were being made to introduce a similar system for liquefied petroleum gas (LPG).
He also hinted at the latest reduction in fuel prices, saying “even better news will come before us”.
The Jamaat-i-Islami and the government also held another round of talks to discuss possible relief to low-income citizens in petroleum prices, and agreed to continue their negotiations in the coming days.
