The federal government has reduced the prices of petrol and high-speed diesel (HSD), providing limited relief to consumers amid continued volatility in international oil markets.
Under the revised rates, the price of petrol has been reduced by Rs1.65 per litre, bringing it down to Rs389.14 per litre. The price of high-speed diesel has been cut by Rs0.88 per litre and will now stand at Rs424.04 per litre.
According to the Petroleum Division’s notification, the new prices will take effect from September 19 and remain applicable through September 21.
The Oil and Gas Regulatory Authority (OGRA) linked the latest revision to changes in international petroleum prices, along with movements in premiums and other relevant factors.
Despite the latest reduction, domestic fuel prices remain considerably higher than their levels earlier in the year. High-speed diesel had reached Rs520.35 per litre on April 3 after rising from around Rs281 per litre following the outbreak of the US-Iran conflict on February 28.
Petrol also reached a peak of Rs458.41 per litre on April 3. Its price had started increasing from around Rs266 per litre during the first week of March.
The government has introduced several measures to manage the impact of elevated fuel costs. These include directing markets to close by 9pm and reducing fuel allocations for official vehicles by 50 per cent for three months.
Prime Minister Shehbaz Sharif had also announced a fuel relief scheme targeting motorcycle, rickshaw and small-car users. Under the proposed scheme, owners of two- and three-wheelers are eligible for relief of Rs100 per litre on a monthly quota of 20 litres.
Owners of vehicles with engines up to 800cc are eligible for the same Rs100-per-litre relief on a monthly quota of 30 litres.
The government has also moved towards more frequent fuel price reviews in response to fluctuations in international markets. Petroleum Minister Ali Pervaiz Malik announced in July that fuel prices would be determined on a daily basis to reflect changes in global oil rates.
Petrol and diesel prices have a direct impact on transportation expenses, household budgets and business operating costs. Petrol is widely used by private vehicles, motorcycles and rickshaws, while high-speed diesel is extensively consumed by heavy transport, power plants and large generators.
The latest reduction provides some short-term relief to consumers, although fuel prices remain sensitive to developments in global oil markets and other factors affecting Pakistan’s petroleum import costs.
