The government has revised the prices of petroleum products, with petrol now priced at Rs384.34 per litre and high-speed diesel (HSD) at Rs415.83 per litre.
The revised rates will take effect from September 16 (Wednesday), according to a notification issued by the Petroleum Division.
The government continues to impose Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel.
HSD prices have declined considerably from their peak of Rs520.35 per litre, recorded on April 3. The price had risen from Rs281 per litre following the outbreak of the US-Iran conflict on February 28.
Petrol prices also reached a peak of Rs458.41 per litre on April 3, after beginning an upward trend from Rs266 during the first week of March.
On September 13, Prime Minister Shehbaz Sharif announced a fuel relief scheme for motorcycle, rickshaw and vehicles up to 800cc owners to help ease the impact of higher international oil prices.
Under the scheme, owners of two- and three-wheelers will receive Rs100 per litre in relief on a monthly quota of 20 litres. Owners of vehicles up to 800cc will receive the same relief on a monthly quota of 30 litres.
In July, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would be reviewed and fixed on a daily basis in response to fluctuations in international oil prices following renewed tensions involving Iran and the United States.
Previously, the government had been revising fuel prices weekly since March while also introducing fuel conservation measures amid concerns over possible disruptions to global oil supplies.
The federal government had also announced targeted fuel subsidies in April to provide relief to specific consumer groups.
The petroleum minister said the cabinet and prime minister had assigned 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, rickshaws and motorcycles, making changes in its price particularly significant for household transport costs.
Diesel prices also have a broad economic impact as HSD is widely used by 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, compared with approximately 10,000 tonnes of monthly kerosene demand.
