Govt slashes high-speed diesel price by Rs7.76 per litre, petrol by Rs3.40

The Pakistani government has reduced the price of petrol by Rs3.40 per litre and high-speed diesel (HSD) by Rs7.76 per litre, effective from November 3. Following the revision, a litre of petrol will cost Rs374.51, while a litre of HSD will set consumers back Rs395.20. These price cuts are under a new system where oil refineries bear a burden of around Rs15 billion monthly, according to the government.

This move aims to keep petrol prices Rs15 cheaper than the global market amid the US-Israeli war on Iran. The Petroleum Minister, Ali Pervaiz Malik, praised refineries for increasing their output, which helped offset the price cuts. The government's renewed austerity measures include a curfew for markets, cutting fuel allocations for official vehicles by 50%, and a relief scheme for motorcycles, autos, and vehicles up to 800cc.