The federal government has reduced petrol and high-speed diesel prices by Rs3 and Rs7 per litre, respectively, according to a notification issued by the Oil and Gas Regulatory Authority (OGRA).
Under the revised rates, petrol will now cost Rs335 per litre following a reduction of Rs3.
The price of high-speed diesel has also decreased by Rs7 per litre to Rs364.
International Oil Prices Rebound
Meanwhile, international oil prices rose by around 1% on Wednesday after falling to their lowest levels in two months during the previous session.
The rebound followed remarks by Iran’s security chief, who said Tehran would not allow even a single particle of enriched nuclear material to leave the country.
Washington has maintained that nuclear issues must form part of any initial negotiations with Tehran aimed at ending the US-Israeli war on Iran.
Gold Prices in Pakistan Drop Rs3,400 Per Tola
At 0934 GMT, Brent crude futures gained $1.28, or 1.4%, to reach $92.77 per barrel. US West Texas Intermediate (WTI) crude rose by 76 cents, or 0.9%, to $86.80 per barrel.
Oil Market Reacts to US-Iran Developments
During the previous session, oil prices initially dropped by more than $3 per barrel after US officials played down the prospect of further military strikes against Iran.
However, prices later recovered some of their losses after an Iranian security official said no talks were taking place between the two sides.
Market movements continue to reflect uncertainty over regional tensions and the prospects for negotiations between Washington and Tehran.
