ISLAMABAD: Pakistan’s Energy Ministry announced on Monday that it has slashed the price of petrol by Rs4.08 per liter on Monday, an official notification said, as oil prices slide worldwide over easing tensions between the United States and Iran.
Oil prices tumbled more than $4 a barrel on Monday after US President Donald Trump held off on a fresh attack on Iran, seeking to reach a quick deal that would halt Tehran’s nuclear ambitions and reopen the Strait of Hormuz.
Brent crude futures slid $4.49, or 5.11 percent, to $83.44 on Monday, while US West Texas Intermediate crude was at $79.77 a barrel, down $4.90, or 5.79 percent.
“Based on revised petroleum pricing mechanism, issued by Federal Government, Oil and Gas Regulatory Authority (OGRA) has revised the ex-depot prices of the petroleum products for August 4, 2026, as per following details,” the notification said.
As per the notification, the price of petrol was slashed from Rs336.03 [$1.2] to Rs331.95 [$1.19] per liter. The price of high-speed diesel was reduced from Rs392.38 [$1.41] per liter to Rs389.93 [$1.40] per liter.
Pakistan began revising petrol prices on a daily basis from July, following renewed hostilities between the United States and Iran that have increased volatility in global oil markets.
The South Asian country imports most of its petroleum requirements from the Middle East and adjusts domestic fuel prices in line with international oil prices and the rupee-dollar exchange rate.
