ISLAMABAD: The federal government has reduced the price of petrol by Rs5.45 per litre, according to a notification issued by the Oil and Gas Regulatory Authority (OGRA).
The government increased the price of high-speed diesel by Rs3.68 per litre.
Following the revision, petrol will be available at Rs369.06 per litre, while the new price of high-speed diesel has been set at Rs395.20 per litre.
The notification confirmed the revised petroleum prices.
Earlier, federal government has reduced the prices of petroleum products, cutting petrol by Rs3.40 per litre and high-speed diesel by Rs7.76.
Following the reduction, petrol will cost Rs374.51 per litre, while the new price of high-speed diesel has been set at Rs395.20 per litre.
Pakistan's Petroleum Division has told oil refineries to follow a new petrol pricing formula as tensions between Iran and the United States continue to affect fuel supplies.
The division sent letters to the refineries after the cabinet approved the changes on Friday.
Under the new mechanism, the import price of petrol will be set according to the actual import cost of the relevant Pakistan State Oil (PSO) cargo. If that figure is not available for daily pricing, the premium, incidentals and customs duty from the last available cargo may be used.
