ISLAMABAD: The federal government has reduced the price of petrol by Rs2.71 per litre while increasing the price of high-speed diesel by 31 paisa, according to an official notification.
The Petroleum Division said the new petrol price would be Rs379.31 per litre, down from the previous rate.
The price of high-speed diesel has been raised to Rs390.11 per litre following the 31-paisa increase.
According to the notification, the revised prices will apply on October 22.
According to a notification issued by the Petroleum Division, the revised prices follow changes in the international oil market.
The Oil and Gas Regulatory Authority has begun publishing daily petroleum prices on its website under a new pricing mechanism aimed at improving transparency and allowing fluctuations in global oil prices to be reflected more quickly in domestic rates.
Under the new framework, Ogra will determine daily ex-depot prices for petrol and high-speed diesel using average international prices recorded over the previous seven days. The regulator can announce the prices without prior approval from the prime minister or federal government.
