Islamabad: The federal government announced a reduction in petrol and high speed diesel prices for Wednesday, October 14, bringing petrol down to Rs 392.66 per litre and diesel to Rs 396.82 per litre.
According to a notification issued by the Petroleum Division on Tuesday, October 13, petrol prices fell by Rs 2.71 per litre, while high speed diesel fell by three paisas per litre.
Petrol was previously priced at Rs 395.37 per litre, while high speed diesel stood at Rs 396.85 per litre.
The Oil and Gas Regulatory Authority (OGRA) revised the ex depot prices under the federal government's petroleum pricing mechanism.
The Petroleum Division attributed the latest adjustments to developments in international oil markets, including changes to Platts reference rates, premiums and other associated costs.
The announcement follows another price revision on October 13, when petrol fell by Rs 2.93 per litre, while high speed diesel rose by 61 paisas.
Under the government's revised pricing framework, petrol and diesel prices are reviewed daily, replacing the previous weekly or two weekly system.
Pakistan introduced the revised framework amid continued volatility in global energy markets, particularly following renewed tensions in the Middle East and concerns over oil supply routes.
The latest reduction offers limited relief to petrol consumers, although the three paisa decrease in diesel prices is only a marginal adjustment.
With daily price revisions now in place, further changes to domestic petroleum rates will depend on international prices, premiums and other pricing factors.
