Petrol price down by Rs6.59 per litre, high-speed diesel by Rs4.25 in fifth straight reduction

The Pakistani government announced on Friday a sixth consecutive reduction in fuel prices, cutting the cost of petrol by Rs6.59 per litre and high-speed diesel (HSD) by Rs4.25. Following the latest revision, petrol will retail at Rs346 per litre and HSD at Rs378, both effective from November 7 to November 10 due to a public holiday on November 9.

The government retains taxes and duties at Rs114 per litre for petrol and Rs100 per litre for diesel. Under a 30-day arrangement, oil refineries bear a Rs15 billion cumulative impact on the petroleum levy, enabling a Rs14.71 reduction in consumer prices. Petroleum Minister Ali Pervaiz Malik hinted at introducing a similar system for liquefied petroleum gas (LPG).

HSD's price fell from its April peak of Rs520.35, which had begun rising from Rs281 per litre after the US-Iran war commenced on February 28. The petrol price peaked at Rs458.41 on April 3 after starting its upward trend from Rs266 in early March. The government's austerity measures include closing markets by 9pm and reducing fuel allocations for official vehicles by 50% for three months.

Additionally, a "relief scheme" for motorcycles, autos, and vehicles up to 800cc was introduced to alleviate the burden of rising global oil prices.