Following the latest revision, petrol will be available at Rs394.83 per litre, while the price of high-speed diesel (HSD) has been reduced to Rs395.85 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 Wednesday, October 7.
The latest reduction has brought the HSD price down significantly from its peak of Rs520.35 per litre recorded on April 3. The price had begun climbing from Rs281 per litre after the US-Iran conflict erupted on February 28.
Petrol prices had also reached a high of Rs458.41 per litre on April 3, after rising from Rs266 per litre in the first week of March.
Meanwhile, the government has reinstated several austerity measures to conserve fuel amid rising 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 a period of three months.
On September 13, Prime Minister Shehbaz Sharif announced a relief package for motorcycle, rickshaw and vehicles with engine capacities of up to 800cc, aimed at easing the impact of higher global oil prices on consumers.
Earlier, on July 17, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would be determined on a daily basis in response to fluctuations in international oil prices following renewed hostilities between Iran and the United States.
Before the shift to daily pricing, the government had been revising fuel prices every week since early March, while also introducing fuel conservation measures amid concerns over potential disruptions to oil supplies due to the Middle East conflict.
The federal government had also announced targeted relief measures in April to provide subsidised fuel to eligible consumers.
The petroleum minister had said the federal cabinet and prime minister decided to assign the Oil and Gas Regulatory Authority (Ogra) responsibility for determining fuel prices daily based on trends in international markets.
Petrol is primarily consumed by private vehicles, small cars, motorcycles and rickshaws, making price changes particularly significant for middle- and lower-middle-income households.
Diesel prices also have a broad impact on consumers because high-speed diesel is widely used in heavy transport, power plants and large generators.
Petrol and HSD remain major sources of government revenue, with monthly sales estimated at around 700,000 to 800,000 tonnes, while monthly kerosene demand stands at roughly 10,000 tonnes.
