Following the latest revision, petrol will be available at Rs393.86 per litre, while the price of high-speed diesel (HSD) has been reduced to Rs396.65 per litre. The government continues to impose taxes and duties of Rs114 per litre on petrol and Rs100 per litre on diesel.
According to a notification issued by the Petroleum Division, the revised prices will take effect on Thursday, October 15.
The price of HSD has declined from its peak of Rs520.35 per litre, recorded on April 3. It had started increasing from Rs281 per litre following the outbreak of the US-Iran war on February 28.
Petrol prices also reached a record high of Rs458.41 per litre on April 3, after beginning their upward trend from Rs266 per litre in the first week of March.
Meanwhile, the government has reinstated several austerity measures to conserve fuel amid rising petroleum prices and the ongoing conflict in the Middle East. Under the measures, markets must close by 9pm, while fuel allocations for official vehicles have been reduced by 50 per cent for three months.
On September 13, Prime Minister Shehbaz Sharif announced a relief scheme for motorcycle users, auto-rickshaw operators and owners of vehicles with engine capacities of up to 800cc. The initiative aims to ease the financial burden caused by rising international oil prices.
Earlier, on July 17, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would be determined daily in response to fluctuations in international markets following renewed hostilities between Iran and the United States.
Before this decision, the government had been revising fuel prices weekly since early March, alongside measures to conserve fuel amid concerns over potential oil supply disruptions resulting from the Middle East conflict. In April, the federal government also announced targeted relief measures to provide subsidised fuel to eligible consumers.
The petroleum minister said the cabinet and the prime minister had decided to assign the Oil and Gas Regulatory Authority (OGRA) responsibility for determining fuel prices daily in line with international market trends.
Petrol is primarily used in private vehicles, small cars, auto-rickshaws and motorcycles. Consequently, changes in its price directly affect middle- and lower-middle-income households.
Diesel price fluctuations also have broad economic implications, as high-speed diesel is widely used in heavy transport, power plants and large generators.
Petrol and high-speed diesel remain the country’s major petroleum revenue sources, with monthly sales ranging from approximately 700,000 to 800,000 tonnes. In comparison, monthly demand for kerosene stands at around 10,000 tonnes.
