Islamabad: The government has reduced petrol prices by PKR 2.71 per litre and increased high speed diesel by PKR 0.31, with the revised rates applicable on Thursday, October 22.

Petrol now costs PKR 379.31 per litre, while diesel is priced at PKR 390.11, according to the Petroleum Division’s notification.

For a motorist buying 40 litres of petrol, the reduction translates into savings of PKR 108.40 compared with the previous rate. The same quantity of diesel costs PKR 12.40 more.

Although prices have fallen considerably from their April peaks, the cost of fuel remains elevated compared with levels before the regional conflict.

Petrol is PKR 79.10 below its April 3 peak of PKR 458.41, while diesel is PKR 130.24 below its peak of PKR 520.35 on the same date.

However, compared with the earlier levels of PKR 266 for petrol and PKR 281 for diesel cited in the report, current prices remain approximately 43 percent and 39 percent higher respectively.

The latest adjustment comes under the daily pricing mechanism announced in July in response to international market volatility. The October 22 rates should therefore not be treated as prices fixed for a fortnight.

The government continues to collect PKR 114 per litre in taxes and duties on petrol and PKR 100 on diesel, according to the report.

Petrol prices directly affect motorists, motorcyclists and small vehicle users. Diesel costs have wider implications for freight transport, generators and the movement of goods.

The government has also reintroduced fuel conservation measures, including market closures by 9pm and a 50 percent reduction in official vehicle fuel allocations for three months.

The petrol reduction eases the immediate cost of refuelling, while the marginal diesel increase leaves transport dependent businesses facing a different price movement.