Govt cuts petrol by Rs1.60, increases diesel by 1.64 paisas for Oct 23

The federal government lowered petrol by Rs1.60 per litre and raised high-speed diesel (HSD) by Rs1.64 per litre for October 23, The Express Tribune reported. The new rates are Rs377.71 per litre for petrol and Rs391.75 for HSD, following another revision the previous day.

The government now reviews fuel prices daily, replacing its former weekly schedule, while international oil markets remain exposed to geopolitical tensions and supply disruptions. On Thursday, Brent crude reached $112.33 a barrel after rising 3.2%, and US West Texas Intermediate gained 2.2% to $99.29. Because Pakistan imports most of its petroleum requirements, changes in global oil markets feed into domestic fuel costs.