ISLAMABAD: The federal government has reduced petrol and high-speed diesel prices, according to a notification issued by the Petroleum Division.
Petrol prices have been cut by Rs2.71 per litre, bringing the new rate to Rs392.66 per litre.
The price of high-speed diesel has been reduced by three paisa per litre to Rs396.82.
According to the notification, the revised petroleum prices will take effect on October 14.
Earlier, Global oil demand growth forecast for 2026 has been sharply reduced by the Organization of the Petroleum Exporting Countries (OPEC) to 400,000 barrels per day, down from an estimate of 1.4 million barrels per day at the start of the year.
According to international media reports, OPEC Secretary-General Haitham Al Ghais said the organization had revised its forecast because oil demand was growing more slowly than expected.
However, he said some of the demand growth deferred this year was expected to materialize in 2027, potentially boosting oil consumption next year.
This suggests that part of the additional oil demand anticipated for 2026 could shift into the following year rather than disappear entirely.
Changes in global oil demand forecasts are closely watched by energy markets, as they can influence oil-producing countries’ revenues and decisions on production levels.
