The federal government has announced a reduction in petroleum prices, cutting petrol by Rs9.41 per litre and high-speed diesel by Rs5.56 per litre, according to an official notification.
Following the reduction, petrol will now be available at Rs352.59 per litre, while the new price of high-speed diesel stands at Rs382.25 per litre.
The reduction comes as international crude oil prices have declined amid changing expectations about the conflict involving the United States, Israel and Iran.
International oil prices fall for fourth consecutive day
International oil prices fell for a fourth consecutive session on Thursday as investors assessed the possible impact of US midterm election results on President Donald Trump’s approach to the Iran conflict.
Brent crude futures declined by 80 cents, or 0.85 per cent, to $93.82 per barrel at 0426 GMT. US West Texas Intermediate (WTI) crude futures dropped by $1.20, or 1.36 per cent, to $86.92 per barrel.
Both benchmarks had fallen by more than 8 per cent during the previous session, settling at their lowest levels since August 31.
Iran conflict remains a key market concern
Sources close to Gulf government circles said the weakened political position of President Trump could increase pressure on his administration to pursue a diplomatic settlement with Iran.
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Vice President JD Vance reportedly described the Iran war as the reason Republicans lost ground in the midterm elections.
The sources suggested that a full-scale assault on Iran had become less likely. A resolution to the conflict could help restore oil supplies from the Middle East that have been affected by the war.
However, uncertainty surrounding diplomatic efforts continues to create risks for international energy markets.
June Goh, senior oil analyst at Sparta Commodities, said markets were factoring in a greater possibility of the conflict ending following the election results.
She cautioned that volatility could continue because the diplomatic process remains uncertain and global strategic oil reserves have been significantly depleted.
