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

The Pakistani government has reduced the prices of high-speed diesel and petrol by Rs7.76 and Rs3.40 per litre, respectively. As a result, the retail price of petrol will now be Rs374.51 per litre, while that of high-speed diesel will be Rs395.20 per litre. These revised prices will come into effect from November 3, according to a notification by the Oil and Gas Regulatory Authority (Ogra).

Oil refineries were informed that they would bear a burden of approximately Rs15 billion every month, allowing petrol to be sold at a lower price compared to the global market due to the ongoing conflict between the US and Iran. Petroleum Minister Ali Pervaiz Malik expressed gratitude to the refineries for increasing their output during this difficult time, which helped maintain the price reduction.

The price of high-speed diesel has decreased from a peak of Rs520.35 recorded on April 3, following the outbreak of the US-Iran war on February 28. The price of petrol reached its highest point of Rs458.41 on April 3, after starting its upward trend from Rs266 in the first week of March.

In response to the rising fuel prices, the government has introduced a series of austerity measures, including curfews and reduced fuel allocations for official vehicles. Moreover, a relief scheme for users of motorcycles, autos, and vehicles up to 800cc was reintroduced to alleviate the burden of rising global oil prices.