Govt cuts petrol price by Rs3.93 per litre

The Pakistani government reduced the price of petrol by Rs3.93 per litre on Friday, bringing it down to Rs386.30 per litre. However, the price of high-speed diesel (HSD) remained unchanged at Rs396.96 per litre. The new prices will be in effect from October 17 to October 19. The government still collects Rs114 per litre in taxes and duties on petrol, and Rs100 per litre on diesel.

The price of HSD had dropped from its peak of Rs520.35 on April 3, following the start of the US-Iran war on February 28. The price of petrol had reached a high of Rs458.41 on April 3, after beginning its rise from Rs266 in mid-March. In response to the rising fuel prices due to the Middle East conflict, the government has implemented a series of austerity measures.

These measures include closing markets by 9pm and reducing fuel allocations for official vehicles by 50% for three months. On September 13, Prime Minister Shehbaz Sharif announced a relief scheme for users of motorcycles, autos, and vehicles up to 800cc. The government began fixing fuel prices on a daily basis from July 17 due to the fluctuating international market prices following renewed hostilities between Iran and the US.

Previously, the government announced weekly revisions to fuel prices since early March and took measures to conserve fuel amid potential oil supply disruptions due to the ongoing conflict.