ISLAMABAD: The federal government has reduced petroleum prices, cutting petrol by Rs9.41 per liter and high-speed diesel by Rs5.56 per liter, according to an official notification.
Following the reduction, the new price of petrol has been set at Rs352.59 per liter, while high-speed diesel will cost Rs382.25 per liter.
Earlier, Oil prices declined for a fourth consecutive day Thursday on expectations that losses suffered by President Donald Trump's Republican Party in this week's congressional elections may reduce the risk of further escalation in the U.S.-Israeli war on Iran.
Brent futures fell 80 cents, or 0.85%, to $93.82 a barrel as of 0426 GMT, while U.S. West Texas Intermediate crude futures were down $1.20, or 1.36%, to $86.92. Both benchmarks tumbled more than 8% in the previous session to settle at their lowest levels since Aug. 31.
A weakened Trump, facing a Democratic Congress able to constrain his military options, has greater incentive to seek a deal, two sources close to Gulf government circles said Wednesday. Vice President Vance said the Iran war is "the reason we lost" the midterms.
A full-scale assault on Iran now looks less likely, the sources said. A resolution to the conflict could restore oil flows from the Middle East affected by the war, though analysts caution the path forward remains uncertain.
"Markets are assessing the impact of the midterm elections on Donald Trump's next steps with the Iran war, pricing in more likelihood for the war to end," said June Goh, senior oil analyst at Sparta Commodities. "However, there will be more volatility ahead as the path to full diplomacy to end the war is still wrought with many unknowns while the global strategic reserves have drawn very thin."
