Key points

  • The government decreased the price of petrol by Rs3 and high-speed diesel by Rs7 per litre, according to Business Recorder.
  • The revision was formally announced through a press release issued by the Oil and Gas Regulatory Authority (OGRA).
  • Globally, oil prices rose by about 2 percent following supply concerns stemming from statements by Iran's security chief, Business Recorder reported.

Motorists across the country will see slight relief at the fuel pumps as authorities implement consecutive price cuts, according to Business Recorder.

Key Details

Business Recorder reported that the federal government lowered the price of petrol to Rs335 per litre, while high-speed diesel was brought down to Rs364 per litre, effective Thursday, November 12. These revised ex-depot prices were established under the pricing mechanism approved by the federal administration, the Oil and Gas Regulatory Authority (OGRA) stated in its press release.

This follows a previous adjustment reported on Tuesday, when the government reduced petrol by Rs8 to Rs338 per litre and high-speed diesel by Rs7 to Rs371 per litre. On the international front, Business Recorder noted that global oil prices climbed roughly 2 percent on Wednesday. This upward movement was driven by remarks from Iran's security chief indicating Tehran would not permit enriched nuclear material to leave the country.

Context and Impact

International crude benchmarks reacted swiftly to geopolitical developments and supply worries, lifting prices away from two-month lows recorded during the previous session, according to Business Recorder. Brent futures increased by $2.15, or 2.35 percent, reaching $93.64 a barrel by 12:04 p.m. EST, while US West Texas Intermediate crude rose $1.69, or 1.96 percent, to $87.73. Washington has maintained that nuclear issues must form part of any initial negotiations aimed at ending the US-Israeli war on Iran, Business Recorder reported.

Summary and What Next

Domestic fuel consumers benefit from the latest round of price adjustments announced by regulatory authorities. It remains to be seen how international market fluctuations will influence future pricing revisions in the country.