Islamabad: The government on Friday reduced the price of petrol by Rs3.13 per litre while increasing the price of high-speed diesel (HSD) by Rs3.74 per litre.
Following the revision, petrol will retail at Rs345.87 per litre while HSD will cost Rs378.05 per liter. The government continues to levy Rs 114 per litre in taxes and duties on petrol and Rs100 per litre on diesel. According to the Petroleum Division’s notification, the new prices will remain in effect from September 7.
Earlier this year on July 17, the petroleum ministry had announced that fuel prices would now be fixed on a daily basis due to fluctuations in the international market following renewed hostilities between Iran and the US.
The government had previously since March of this year announced revisions to fuel prices every week, alongside measures for the conservation of fuel amid possible oil supply disruptions due to the ongoing conflict in the Persian Gulf, when oil prices topped USD 100 per barrel as the strategic Strait of Hormuz became imassable. In April the government targeted relief measures to provide subsidised fuel.
The petroleum minister stated that the cabinet and the prime minister had decided to give the Oil and Gas Regulatory Authority (OGRA) the responsibility of deciding fuel prices on a daily basis based on international market trends.
The price peaks for diesel and petrol came at Rs 520.25 per litre and 458.41 per litre respective on April 3 of this year.
