Govt cuts diesel price by Rs3.12, petrol by Rs1.70 per litre

Pakistan's government has cut the price of high-speed diesel (HSD) by Rs3.12 per litre, bringing it to Rs418.96, and petrol by Rs1.70 to Rs392.05 per litre. The new rates take effect on September 23, according to Business Recorder, which cited a press release from the Petroleum Division.

The Oil and Gas Regulatory Authority (OGRA) revised the rates using the petroleum pricing framework the federal government has put in place. The Petroleum Division linked the changes to global developments, including movements in Platts quotations, premiums and incidentals. In the previous review, diesel had been cut by Rs1.96 and petrol raised by Rs4.61.

Global crude benchmarks also softened on Tuesday, with oil prices sliding to a two-week low as the outlook for Gulf supply brightened. Iran signalled that the Strait of Hormuz could reopen within seven days, while Saudi Arabia plans to restart shipments through Yanbu on the Red Sea. Brent November futures fell $2.11, or 2.1 per cent, to $98.23 a barrel.