Government Reduces Petrol and Diesel Prices

The government announced a reduction in the prices of petrol and high-speed diesel (HSD), with new rates coming into effect from September 23. According to a press release from the Petroleum Division, the revised prices were set following recommendations by the Oil and Gas Regulatory Authority (OGRA) under the federal government's petroleum pricing mechanism.

The price of high-speed diesel has been lowered by Rs3.12, bringing it down to Rs418.96 per litre from the previous rate of Rs422.08. Petrol prices have also been reduced by Rs1.70, now standing at Rs392.05 per litre instead of the earlier Rs393.75.

Officials stated that these adjustments reflect recent changes in international market dynamics, including significant movements in Platts rates, premiums, and other associated costs.

The revised prices will remain in place until Wednesday, September 23, 2026, according to the Petroleum Division.

In the last review, the government had lowered the HSD price by Rs1.96 per litre and increased the petrol price by Rs4.61 per litre.

Meanwhile, international oil markets saw Brent crude futures fall by $2.11, or 2.1%, to $98.23 a barrel as of 1151 GMT on Tuesday. The WTI October contract was down $2.48, or 2.59%, at $93.30 a barrel, with the more heavily traded November contract dropping $2.36, or 2.55%, to $90.01 a barrel. These contracts reached their lowest levels since September 8 due to improved prospects for Gulf oil supplies.