Petrol prices have been reduced by Rs1.70 per litre, while the price of high-speed diesel (HSD) has been cut by Rs3.12 per litre.
Following the revision, petrol will be available at Rs392.05 per litre, while HSD will be priced at Rs418.96 per litre. The government will continue to charge Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel.
The revised prices will take effect from September 23.
HSD has declined from its peak of Rs520.35 per litre recorded on April 3. Its price had risen from Rs281 per litre after the outbreak of the US-Iran conflict on February 28.
Petrol had also reached a peak of Rs458.41 per litre on April 3 after rising from Rs266 per litre in early March.
Amid higher fuel prices and the ongoing Middle East conflict, the government has introduced austerity measures aimed at conserving fuel. Markets have been directed to close by 9pm, while fuel allocations for official vehicles have been reduced by 50 per cent for three months.
The government has also announced a relief scheme for motorcycle, rickshaw and vehicles with engine capacities of up to 800cc to help ease the impact of higher international oil prices.
Fuel prices are now subject to daily revisions based on movements in international oil markets. Previously, prices were revised weekly.
Petrol is primarily used by private vehicles, motorcycles, rickshaws and other small vehicles, making price changes particularly significant for household transport costs.
Diesel is widely used by heavy transport, power plants and large generators, meaning changes in HSD prices can also affect transportation and energy costs.
Petrol and HSD remain the country’s major petroleum revenue-generating products, with monthly sales of around 700,000 to 800,000 tonnes, compared with approximately 10,000 tonnes of monthly kerosene demand.
