ISLAMABAD: The Oil & Gas Regulatory Authority (OGRA) has reduced the price of petrol by Rs3.63 per litre while increasing the price of high-speed diesel by 30 paisa per litre, according to a notification issued by the Petroleum Division on Thursday.
The price of petrol has been cut to Rs390.23 per litre, while diesel will now cost Rs396.96 per litre.
The revised prices will take effect on October 16, the notification said.
Earlier, Oil prices fell more than 1% on Thursday as investors weighed risks to supply from attacks on shipping through the Strait of Hormuz against U.S. efforts to cut petroleum shipping costs by easing sanctions on vessels.
Brent crude futures fell $1.76, or 1.7%, to $104.30 a barrel by 0625 GMT, while U.S. West Texas Intermediate crude futures were down $1.06, or 1.1%, to $94.03, reversing gains from the previous session.
WTI rose to a three-week high in the prior session after Yemen's Iran-backed Houthis attacked Saudi Aramco's headquarters and Tehran said it was deploying new tactics to target ships in the Strait of Hormuz and keep oil prices high.
A container ship and a dry bulk carrier both sank near the strait in the past 24 hours after being hit by projectiles in separate incidents, maritime officials said Wednesday.
Attacks around the waterway have surged over the past 10 days, with Iran saying it is stepping up strikes in response to the U.S. blockade of its ports and tougher sanctions introduced last month.
