Islamabad: The government reduced petrol prices by Rs 2.93 per litre and increased high speed diesel prices by Rs 0.61 per litre for Tuesday, October 13, according to a Petroleum Division notification.

The revision brings petrol to Rs 395.37 per litre and diesel to Rs 396.85 per litre. Taxes and duties remain at Rs 114 per litre on petrol and Rs 100 per litre on diesel.

The latest adjustment comes under the daily fuel pricing system introduced in July following renewed hostilities between the US and Iran. Previously, prices had been revised weekly since early March.

Petroleum Minister Ali Pervaiz Malik said on July 17 that the cabinet and prime minister had assigned the Oil and Gas Regulatory Authority (OGRA) responsibility for determining daily prices according to international market trends.

Both fuels remain below their April peaks. Diesel reached Rs 520.35 per litre on April 3, after rising from Rs 281 following the outbreak of the US Iran war on February 28. Petrol peaked at Rs 458.41 on April 3, having started its upward movement from Rs 266 in early March.

Amid continuing pressure on fuel supplies and prices, the government has reintroduced conservation measures. These include requiring markets to close by 9 pm and reducing fuel allocations for official vehicles by 50 percent for three months.

Prime Minister Shehbaz Sharif also announced a relief scheme on September 13 for users of motorcycles, rickshaws and vehicles with engines of up to 800cc.

Petrol is widely used by motorists, motorcyclists and rickshaw drivers, making its price directly relevant to household travel costs. Diesel is used extensively in heavy transport, power plants and large generators.

Tuesday’s revision therefore reduces petrol users’ fuel costs while slightly increasing the rate paid by diesel consumers.