Following the latest revision, petrol will be available at Rs342.60 per litre, while high-speed diesel (HSD) will be priced at Rs371.61 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 Petroleum Division notification, the revised prices will take effect from Friday, Aug 28.
The HSD price has declined significantly from its peak of Rs520.35 per litre recorded on April 3. It had risen from Rs281 per litre after the outbreak of the US-Iran conflict on Feb 28.
Petrol had also reached a record Rs458.41 per litre on April 3, after beginning its upward trend from Rs266 in the first week of March.
Earlier, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would be revised daily in response to fluctuations in international oil markets following renewed tensions between Iran and the United States.
The government had been revising fuel prices on a weekly basis since early March, while also introducing fuel conservation measures amid concerns over possible disruptions to oil supplies due to the conflict in the Middle East.
In April, the federal government also announced targeted relief measures involving subsidised fuel.
The petroleum minister said the cabinet and prime minister had decided to assign the Oil and Gas Regulatory Authority (Ogra) responsibility for determining fuel prices on a daily basis in line with international market trends.
Petrol is primarily consumed by private vehicles, small cars, rickshaws and motorcycles, making price changes particularly significant for middle- and lower-middle-income households.
Diesel prices also have a broad impact on consumers as HSD is widely used by heavy transport, power plants and large generators.
Petrol and HSD remain the government’s major petroleum revenue sources, with monthly sales ranging between 700,000 and 800,000 tonnes, compared with around 10,000 tonnes of monthly kerosene demand.
