ISLAMABAD: According to The Express Tribune, a Petroleum Division notification has fixed the new petrol price at Rs386.30 per litre, Rs3.93 lower than the previous Rs390.23.
The price of high-speed diesel (HSD) has been left unchanged at Rs396.96 per litre. The rates apply from Saturday, October 17, to Monday, October 19.
It is the second straight day of relief on petrol. A day earlier, the government cut petrol by Rs3.63 a litre for October 16 while raising diesel by 31 paisas a litre.
Since July 17, the government has reviewed petroleum prices daily instead of weekly, as US-Iran tensions keep global oil markets volatile. On September 13, Prime Minister Shehbaz Sharif also announced a relief scheme offering Rs100 a litre off petrol for motorcycles, rickshaws and cars of up to 800cc.
The report notes that Brent crude rose 3.2% on Friday to around $109 a barrel, so the direction of local prices in the coming days remains tied to developments in the Middle East.
More on The Express Tribune.