Federal Minister for Railways Muhammad Hanif Abbasi ordered restoration of two stopped Pakistan Railways train services saying the decision was taken in view of considerable public demand and in the interest of the railway network.

Pakistan Railways to restore Babu Passenger, Sandal Express services after years of suspension.

The Babu Passenger train traveling between Lahore and Lala Musa will restart its service from August 20 and Sandal Express operating between Multan and Sargodha via Jhang will be resumed from August 21.

Both trains had ceased to operate during the COVID-19 pandemic.

Hanif Abbasi said the decision to reinstate the trains was reached on the continuous demand of the passengers and in the best interest of Pakistan Railways. He stated that more train services would be reintroduced later this year and passenger facilities would also be enhanced in line with the vision of Prime Minister Shehbaz Sharif.

The federal government on Saturday announced yet another cut in fuel prices, providing new assistance to customers by reducing costs of petrol and high-speed diesel.

New prices, approved on recommendations of Oil and Gas Regulatory Authority (OGRA), will be effective from August 5 (Wednesday).

A news statement published by the Ministry of Energy (Petroleum Division) said that the ex-depot prices have been reviewed and the current change has been made under the government’s petroleum pricing methodology.

The price of Motor Spirit (MS), usually called fuel, has been cut by Rs3.39 per liter. The latest drop has brought down the ex-depot price of petrol from Rs331.95 per litre to Rs328.56 per litre and brought more comfort to private motorists, commuters and enterprises that rely on petrol-powered vehicles. The cuts follow a similar review when petrol prices were also cut, maintaining a trend in domestic fuel pricing.

The government has also cut the price of HSD by Rs4.07 per litre and the new ex-depot price will be Rs385.86 per litre as compared to Rs389.93 per litre. Diesel is widely used in transport, agriculture and industry and the latest cut could assist to reduce costs for commercial carriers and farmers.

OGRA has calculated the new prices under the federal government’s petroleum pricing mechanism, the Ministry of Energy said.

Oil steadied on Wednesday following two days of severe declines as investors waited for signs of progress in talks to end the U.S.-Iran dispute and reopen commerce through the blockaded Strait of Hormuz.

Brent crude futures were up 26 cents, or around 0.33%, at $79.62 a barrel by 0110 GMT. U.S. West Texas Intermediate crude was up 0.16%, or 12 cents, to $75.90 a barrel.

Qatar claimed on Tuesday mediators are making headway in efforts to end the war, bringing oil prices lower, though Tehran has dismissed U.S. President Donald Trump’s assertion that discussions are already under way. Brent fell below $80 a barrel for the first time since July 13 on Tuesday.

“The main sticking point appears to be whether Iran will stick to its guns and demand a level of control over the waterway, and whether the US will stand its ground and reject that outcome,” IG analysts wrote in a note.

Brent fell more than 5% on Tuesday, adding to sharp losses after comments from Qatar on Monday raised expectations that an agreement may be struck shortly. Some 20% ‌of ⁠the world’s oil and liquefied natural gas passed through the strait before the war, and prices soared 50% in March alone.

Qatar’s Emir Sheikh Tamim bin Hamad Al Thani and Trump spoke on Tuesday about attempts to reduce divisions between Washington and Tehran and boost the prospects for a durable settlement, the Emiri administration said.

Trump claimed on Monday discussions with Tehran had begun and Iran had a “last chance” to strike a deal. Iranian officials deny that any talks are taking place with the U.S.

U.S. oil and gasoline stockpiles rose and distillate stocks declined last week, market sources reported on Tuesday citing data from the American Petroleum Institute.
Crude inventories rose by roughly 2.7 million barrels in the week ended July 31, sources said on condition of anonymity.

Official figures from the EIA, the statistical arm of the U.S. Department of Energy, are due at 10:30 a.m. ET (1430 GMT) on Wednesday.