Pakistan Temporarily Cuts Petrol Price Amid Global Oil Volatility
The Pakistan government has reduced petrol and high-speed diesel prices for three days. Petrol will now cost Rs327.62 per litre, while HSD will be priced at Rs380.86 per litre. This reduction is effective from August 8 to August 10.
The latest revision comes a day after the government decreased petrol by Rs3.19 and HSD by Rs1.50 per litre for August 7. The daily fuel price review mechanism was introduced on July 17, amid volatility in global oil prices following renewed hostilities in the Middle East.
International oil prices rose by over $3 a barrel on Thursday due to concerns about disruptions in critical shipping routes such as the Strait of Hormuz and the Red Sea. Brent crude futures gained $3.09, or 3.89%, to $82.54 a barrel, while US West Texas Intermediate futures rose $2.49, or 3.31%, to $77.71.