ISLAMABAD: The Govt reduces petrol price by Rs1.70 per litre and high-speed diesel (HSD) by Rs3.12 per litre, according to a notification issued by the Petroleum Division on Tuesday.
Following the latest revision, petrol will now be available at Rs392.05 per litre, while the price of HSD has been reduced to Rs418.96 per litre. The revised prices will remain applicable from September 23 (Wednesday).
Govt reduces petrol price as fuel rates revised
The government continues to impose taxes and duties of Rs114 per litre on petrol and Rs100 per litre on diesel.
The latest reduction comes after significant fluctuations in domestic fuel prices in recent months. HSD had reached a peak of Rs520.35 per litre on April 3, while petrol had climbed to Rs458.41 per litre on the same date.
The government has also introduced austerity measures in response to rising international fuel prices amid the ongoing Middle East conflict. Under the measures, markets are required to close by 9pm, while fuel allocations for official vehicles have been reduced by 50% for three months.
On September 13, Prime Minister Shehbaz Sharif announced a relief scheme for motorcycles, rickshaws and vehicles with engines up to 800cc to help reduce the impact of higher global oil prices.
Earlier, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would be determined on a daily basis in response to fluctuations in international oil prices.
The Petroleum Minister said the federal cabinet and prime minister had assigned the Oil and Gas Regulatory Authority (OGRA) responsibility for determining fuel prices based on international market trends.
Impact of petrol and diesel prices
Petrol is widely used by private vehicles, motorcycles, rickshaws and other small vehicles, meaning changes in petrol prices can directly affect household transportation costs.
HSD prices also have a broad impact because diesel is extensively used in heavy transport, power plants and large generators. Changes in diesel prices can therefore influence transportation and other operating costs.
Petrol and HSD remain major sources of government revenue, with combined monthly sales running into hundreds of thousands of tonnes, while kerosene demand is significantly lower.
