Following the latest revision, petrol will be sold at Rs345.87 per litre, while the price of high-speed diesel (HSD) has been fixed at Rs378.05 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 remain effective from Saturday, Sept 5, to Monday, Sept 7.
The latest reduction has brought the HSD price down significantly from its peak of Rs520.35 per litre, recorded on April 3. The diesel price had risen from Rs281 per litre after the US-Iran conflict began on February 28.
Petrol, meanwhile, had reached a high of Rs458.41 per litre on April 3, after rising from Rs266 per litre during the first week of March.
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 between Iran and the United States.
Previously, the government had been announcing weekly fuel price adjustments since early March, alongside fuel conservation measures amid concerns over possible disruptions to oil supplies due to the conflict in the Middle East.
The federal government had also announced targeted relief measures in April to provide subsidised fuel to eligible consumers.
The petroleum minister said the cabinet and prime minister had assigned the Oil and Gas Regulatory Authority (Ogra) responsibility for determining fuel prices on a daily basis, based on trends in international markets.
Petrol is primarily consumed by private vehicles, small transport, rickshaws and motorcycles, making price changes particularly significant for middle- and lower-middle-income households.
Diesel prices also have a broad economic impact as HSD 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 700,000 to 800,000 tonnes, compared with around 10,000 tonnes of monthly kerosene demand.
