ISLAMABAD: The federal government has announced changes in the prices of petroleum products, raising the price of petrol while reducing the rate for diesel.
According to a notification issued by the Petroleum Division, the price of petrol has been increased by 2.02 rupees per liter, taking it to 391.30 rupees per liter.
The price of high-speed diesel has been reduced by 3.59 rupees per liter, bringing the new price to 408.53 rupees per liter.
The Petroleum Division issued the notification for the revised prices effective from September 28.
Earlier, Oil prices edged lower Friday as hopes for a possible U.S.-Iran truce competed with fresh concerns over regional energy supplies following Houthi missile attacks on Saudi Arabia.
Brent crude futures fell 87 cents, or 0.82%, to $105.73 a barrel at 2:12 a.m. GMT, while West Texas Intermediate (WTI) dropped $1.56, or 1.65%, to $93.05. The declines came after both benchmarks surged as much as 5% during Thursday’s volatile session.
Brent settled 3.4% higher Thursday at $106.60 a barrel, its highest close since Sept. 15, while WTI gained 2.7% to $94.61. WTI had fallen about 13% over the previous six sessions before Thursday’s rebound.
The gap between Brent and WTI widened to $12.68, its largest level since May. Concerns that a possible U.S. ban on diesel exports could increase domestic supplies have contributed to the unusually wide spread between the two benchmarks.
“The unusually wide WTI-Brent spread also reflects the different regional risk profiles at play,” said Tim Waterer, chief analyst at KCM Trade.
