Petrol price slashed by Rs8 per litre

ISLAMABAD: The caretaker government has slashed the price of petrol by Rs8 per litre for the next 15 days.

According to the notification issued by the Finance Ministry, the new price of petrol has been fixed at Rs259.34 per litre.

The price of High-Speed Diesel remains unchanged at Rs276.1 per litre. The new rate of petrol will come into effect from 12 midnight. 

It is to be noted that oil prices dipped on Monday as Middle East conflict’s limited impact on crude output prompted profit taking after oil benchmarks gained 2% last week.

Brent crude futures were down 49 cents at $77.80 a barrel by 1051 GMT and US West Texas Intermediate crude lost 51 cents to to $72.17.

Several tanker owners steered clear of the Red Sea and multiple tankers changed course on Friday after US and Britain launched strikes against Houthi targets in Yemen after the Iran-backed group’s attacks on shipping in response to Israel’s war against Hamas in Gaza.