Pakistan Cuts Petrol Price by Rs4.08 per Liter Amid Declining Oil Prices

Pakistan's Energy Ministry announced on Monday that it has slashed the price of petrol by Rs4.08 per liter, following a worldwide decline in oil prices due to easing tensions between the United States and Iran.

The price cut comes after US President Donald Trump held off on a fresh attack on Iran, seeking a quick deal to halt Tehran's nuclear ambitions and reopen the Strait of Hormuz.

Oil prices tumbled more than $4 a barrel on Monday, with Brent crude futures sliding 5.11 percent to $83.44 and US West Texas Intermediate crude dropping 5.79 percent to $79.77.

The revised petroleum pricing mechanism, issued by the Federal Government, has resulted in a reduction of Rs331.95 [$1.19] per liter for petrol, down from Rs336.03 [$1.2], and Rs389.93 [$1.40] per liter for high-speed diesel, down from Rs392.38 [$1.41].