Govt slashes petrol, diesel prices for sixth straight time
The federal government has reduced the price of petrol by Rs8 per litre to Rs338 and high-speed diesel (HSD) by Rs7 to Rs371, according to a notification.
Following the latest revision, petrol will cost Rs338 per litre, down from Rs346, while the price of HSD has fallen to Rs371 from Rs378.
The latest reduction follows a series of successive cuts announced by the government since November 2, as it continues to pass on relief amid changing international oil market conditions.
The Petroleum Division revises petroleum prices under the mechanism approved by the federal government, taking into account international oil prices, Platts rates, premiums and other associated costs.
Successive reductions in fuel prices
The latest cuts follow a series of reductions in petrol and diesel prices.
On November 7, the government reduced petrol prices by Rs6.59 per litre to Rs346 and HSD by Rs4.25 to Rs378.
On November 6, petrol became cheaper by Rs9.41 per litre to Rs352.59, while diesel prices fell by Rs5.56 to Rs382.25.
On November 4, the government cut petrol prices by Rs7.06 to Rs362 per litre and HSD by Rs3.71 to Rs387.81.
On November 3, petrol was reduced by Rs5.45 to Rs369.06 per litre, while diesel fell by Rs3.68 to Rs391.52.
The government had also reduced petrol prices by Rs3.40 per litre to Rs374.51 and HSD by Rs7.76 to Rs395.20 on November 2.
International oil prices
International oil prices fell about 2% on Tuesday, hitting fresh two-month lows after US officials played down the need for further military action against Iran, easing concerns over potential supply disruptions in the Middle East.
Brent crude futures fell $1.93, or 2.1%, to $90.64 a barrel at 10:28am ET (1528 GMT), while US West Texas Intermediate (WTI) crude declined $1.44, or 1.7%, to $85.41.
Both benchmarks were on track for their lowest closes since August 28. On Monday, they had settled at their lowest levels since August 31.