ISLAMABAD (Kashmir English): The federal government on Friday maintained petrol and High-Speed Diesel (HSD) prices unchanged following the weekly review for the next seven days, according to a notification issued by the Petroleum Division.
According to the notification, the price of petrol, also known as Motor Spirit (MS), was maintained at Rs299.50 per litre, while diesel remained unchanged at Rs311.47 per litre.
Last week, the government reduced the petrol price by up to Rs 74.28 per liter and the high-speed diesel (HSD) by Rs 67.31 per liter. With the reduction, petrol came down from Rs 373.78 to Rs 299.50 per liter, and diesel from Rs 378.78 to Rs 311.47 per liter, the notification stated.
The relief package was announced by Prime Minister Shehbaz Sharif, with the reductions aimed at passing on the benefit of lower global oil prices to consumers.
Earlier, Prime Minister’s Adviser Rana Sanaullah and Federal Minister Tariq Fazal Chaudhry indicated that petroleum prices could decline further if the downward trend in international oil markets continues.
Crude oil price declines again
Crude oil prices declined again by two per cent on Friday and were headed for steep weekly losses amid easing supply concerns as more stranded oil tankers exited the Strait of Hormuz, even though a cargo vessel was hit near Oman on Thursday, Reuters reported.
Brent crude futures fell $1.50, or 1.99pc, to $73.76 a barrel as of 0649 GMT, while US West Texas Intermediate fell $1.49, or 2.07pc, to $70.43 a barrel.
Refining giant Saudi Aramco resumed oil loading on Friday at its Ras Tanura terminal in the Gulf after a nearly four-month halt, shipping data from LSEG showed.
Two Very Large Crude Carriers (VLCC) were seen loading crude at the terminal, while another waited nearby, the data showed. Each VLCC is capable of loading two million barrels of oil.
