The federal government has reduced the price of petrol by Rs3.93 per litre on Friday, bringing the rate down to Rs386.30 per litre, while keeping the price of High-Speed Diesel (HSD) unchanged at Rs396.96 per litre.
The Petroleum Division’s notification stated that the revised prices will remain in effect from October 17 to October 19. The government continues to collect Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel.
The latest revision follows months of fluctuations in fuel prices amid the conflict between United States and Iran. HSD had reached Rs520.35 per litre on April 3 after rising from Rs281 per litre following the outbreak of the conflict on February 28.
Petrol prices also peaked on April 3, reaching Rs458.41 per litre after beginning to rise from Rs266 per litre in the first week of March.
The government has also reintroduced austerity measures to conserve fuel amid rising prices and the ongoing conflict in the Middle East. Under these measures, markets must close by 9pm, while fuel allocations for official vehicles have been reduced by 50 percent for three months.
On September 13, Prime Minister (PM) Shehbaz Sharif announced a relief scheme for motorcycle users, auto-rickshaw operators and owners of vehicles with engine capacities of up to 800cc. The scheme aimed to “alleviate the burden” of rising global oil prices.
Petrol prices affect private transport users, owners of small vehicles, rickshaw operators and two-wheeler users, particularly people in the middle and lower-middle-income groups.
Diesel prices also affect the wider public because the fuel is primarily used in heavy transport, power plants and large generators.
