The government has reduced the prices of petrol and high-speed diesel (HSD), bringing petrol down by Rs1.49 per litre and diesel by Rs2.73 per litre.
Following the revision, petrol will be available at Rs387.54 per litre, while the price of HSD has been set at Rs402.24 per litre. The government continues to impose Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel.
According to a notification issued by the Petroleum Division, the revised prices will take effect from September 30.
The latest reduction brings HSD well below its peak price of Rs520.35 per litre recorded on April 3. Its price had risen from Rs281 per litre after the outbreak of the US-Iran conflict on February 28.
Petrol had also reached a record high of Rs458.41 per litre on April 3, after rising from Rs266 per litre in early March.
Meanwhile, the government has introduced several fuel-conservation measures amid elevated international oil prices and the ongoing conflict in the Middle East. Under the measures, markets are required to close by 9pm, while fuel allocations for official vehicles have been reduced by 50 per cent for three months.
The government has also introduced a fuel relief scheme for motorcycles, rickshaws and vehicles with engine capacities of up to 800cc to reduce the impact of higher international oil prices on consumers.
Deputy Prime Minister and Foreign Minister Ishaq Dar recently reviewed the implementation of the fuel subsidy programme and said various government departments and institutions had worked together to implement the scheme.
Officials said around 7.60 million registrations had been completed, while approximately 7.71 million fuel subsidy tokens had been redeemed by the second week of the redemption process.
In July, the government announced that fuel prices would be reviewed daily in response to fluctuations in international oil markets following renewed tensions between Iran and the United States.
The Oil and Gas Regulatory Authority (Ogra) was assigned responsibility for determining fuel prices based on international market trends.
Petrol is primarily consumed by private vehicles, motorcycles, rickshaws and other small vehicles, making price changes significant for household transportation costs.
Diesel is widely used by heavy transport, power plants and large generators, meaning changes in its price can have a broader impact on transportation and production costs.
Petrol and HSD remain the government’s major petroleum revenue sources, with monthly sales estimated at 700,000 to 800,000 tonnes, compared with around 10,000 tonnes of monthly kerosene demand.
