In a major relief, the federal government slashes the petrol price by Rs5.45 per litre and diesel rate by Rs8.42 as part of its fortnightly revision.

The new rates of petrol and diesel are Rs288.49 and Rs288.49 respectively, according to a notification issued by the Finance Division.

“The prices of Petroleum products have seen a decreasing trend in the international market during the last fortnight,” it said and added that the Oil and Gas Regulatory Authority has worked out the consumer prices, based on the price variations in the international market.

Oil prices extended losses and fell 1% on Tuesday on the back of rising US crude production, as well as hopes of an Israel-Hamas ceasefire, Reuters reported earlier in the day.

Brent crude futures for June, which expire on Tuesday, were down 60 cents, or 0.7%, at $87.8 a barrel by 12:40pm ET (1640 GMT). The more active July contract fell 97 cents, or 1.1%, to $86.21.

US West Texas Intermediate crude futures were down 83 cents, or 1%, at $81.82.

The front-month contract for both benchmarks lost more than 1% on Monday.

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US crude production rose to 13.15 million barrels per day (bpd) in February from 12.58 million bpd in January in its biggest monthly increase since October 2021, the Energy Information Administration said.

Meanwhile, exports climbed to 4.66 million bpd from 4.05 million bpd in the same period.