Govt cuts petrol price by Rs8, diesel by Rs7 per litre
- New prices are effective for November 11
The government on Tuesday cut the price of petrol by Rs8 per litre to Rs338 and the price of high-speed diesel (HSD) by Rs7 per litre to Rs371, effective November 11.
The revision was announced in a press release issued by the Oil and Gas Regulatory Authority (OGRA). It said the revised ex-depot prices were set under the petroleum products pricing mechanism approved by the federal government.
Before the change, petrol cost Rs346 per litre, and diesel cost Rs378 per litre. Those prices had been in effect since November 7.
On Thursday, the government slashed the price of petrol by Rs6.59 per litre to Rs346 and diesel by Rs4.25 per litre to Rs378.
Globally, oil prices slid about 2% to fresh two-month lows on Tuesday after US officials downplayed the need for additional military action against Iran, easing fears of additional Middle East supply disruptions.
Brent futures fell $1.93, or 2.1%, to $90.64 a barrel at 10:28 a.m. ET (1528 GMT), while US West Texas Intermediate (WTI) crude fell $1.44, or 1.7%, to $85.41.
That put both crude benchmarks on track for their lowest closes since August 28. On Monday, both contracts closed at their lowest since August 31.