ISLAMABAD – Inflation-weary Pakistanis little relief as the federal government axed petrol and high-speed diesel prices for the third consecutive day, bringing fresh reductions amid tweaks in global markets.
Oil and Gas Regulatory Authority (OGRA) has finalized the revised petroleum prices for September 25, with both major fuel products becoming cheaper. According to a notification issued by the Ministry of Petroleum, the price of high-speed diesel has been reduced by Rs2.63 per litre, taking it down to Rs412.12 per litre.
The government has also lowered the price of petrol by 84 paisas per litre, with the new rate fixed at Rs389.28 per litre. The revised prices will come into force from 12am on September 25.
OGRA linked the adjustment to changes in international Platts prices, petroleum premiums and other relevant factors affecting the domestic pricing mechanism.
Oil markets jolted higher on Thursday, with crude prices jumping more than 4% in US afternoon trading after a fresh military escalation involving Saudi Arabia and Iran-backed Houthi forces.
The sharp rise came after a Saudi-led coalition reported that six ballistic missiles launched by the Houthis were intercepted by Saudi forces.
The Houthis offered a different account of the operation. A military spokesman said the group had fired dozens of ballistic missiles and drones at Saudi military targets in the Jazan region.
Tensions also spilled into Saudi Arabia’s western region, where the Saudi Civil Defense issued an emergency warning in Mecca, alerting people to a potential danger.
The latest developments immediately rattled crude markets, with traders factoring increased geopolitical risk into oil prices.
Brent crude futures surged 4.7% to $107.95 a barrel, while US West Texas Intermediate (WTI) futures jumped 4.8% to $96.56 a barrel.
About the Author
