The federal government has kept the price of petrol unchanged while increasing the price of high-speed diesel by 85 paisa per litre, according to a notification issued by the Petroleum Division.
The revised prices will take effect from October 30.
Under the new rates, high-speed diesel will cost Rs400.67 per litre, up from its previous price. Petrol will remain unchanged at Rs377.91 per litre, the notification stated.
International Oil Prices Decline Amid Peace Talk Hopes
The domestic price adjustment comes amid fluctuations in international oil markets.
Crude oil prices fell on Thursday as hopes for renewed US-Iran peace talks eased concerns about potential supply disruptions, although escalating attacks across the Middle East continued to threaten regional oil flows.
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Brent crude futures dropped $1.22, or 1.1%, to $114.10 per barrel by 3:51 a.m. GMT. US West Texas Intermediate (WTI) crude fell $1.33, or 1.3%, to $101.45 per barrel.
Both benchmarks had gained on Wednesday, with Brent rising 1.3% and WTI increasing 3%.
US-Iran Diplomatic Efforts Influence Market Sentiment
Market sentiment improved following reports that US Vice President JD Vance had sent a letter to Iranian Security Council chief Mohsen Rezaei in an effort to revive peace negotiations.
The Wall Street Journal reported the development, citing US officials and people familiar with the matter.
“Selling pressure is prevailing amid expectations that peace talks may resume,” said Yuki Takashima, an economist at Nomura Securities.
“However, the decline remains limited,” Takashima added.
Middle East Tensions Continue to Threaten Oil Supplies
Concerns about further military escalation continued to limit the decline in oil prices.
The Houthis intensified attacks in the region, while uncertainty persisted over the possibility of another US military operation against Iran after the November 3 midterm elections.
The developments have kept energy markets sensitive to diplomatic and security developments across the Middle East.
