ISLAMABAD: The federal government has reduced the prices of petrol and diesel, according to a notification issued by the Petroleum Division on Tuesday.
The price of diesel has been cut by Rs2.73 per liter, bringing the new price to Rs402.24 per liter.
Petrol has been reduced by Rs1.49 per liter, with the new price set at Rs387.54 per liter.
According to the notification, the revised petroleum prices will be applicable on September 30.
The government had also announced a reduction in petroleum product prices a day earlier.
Earlier, Brent crude futures rose for a second consecutive session, climbing above $106 a barrel as concerns over supply disruptions in the Middle East and tensions between the United States and Iran continued to support prices.
According to Reuters, Brent crude futures rose $1.49, or 1.4%, to $106.77 a barrel. U.S. West Texas Intermediate crude gained $1.34, or 1.5%, to $93.94 a barrel.
Although there were some signs of a recovery in crude exports from the region, uncertainty over oil shipments through the Strait of Hormuz continued to weigh on the market.
The Strait of Hormuz is a key shipping route for global energy supplies, meaning any disruption there could have a significant impact on international oil prices.
