Govt cuts petrol price by Rs1.70, raises high-speed diesel by Rs1.39

Dawn reported that the government trimmed petrol by Rs1.70 a litre on Tuesday, setting the new rate at Rs325.92. High-speed diesel (HSD) moved the other way, rising Rs1.39 per litre to Rs382.25. According to the Petroleum Division's notification, both revised rates apply from Wednesday, August 12.

Petroleum Minister Ali Pervaiz Malik said fuel prices will now be fixed daily rather than weekly, because international prices are fluctuating after fresh hostilities between Iran and the US. The Oil and Gas Regulatory Authority (Ogra) has been assigned the job of setting these daily rates based on global market trends. The All Pakistan Dealers Association has turned down the daily pricing approach and is weighing a plan for protest.

Weekly revisions had been in place since early March, alongside fuel conservation measures amid possible oil supply disruptions linked to the Middle East conflict. HSD peaked at Rs520.35 on April 3, having risen from Rs281 once the US-Iran conflict began on February 28. Petrol also reached its high of Rs458.41 on April 3, up from Rs266 in early March, and current taxes and duties total Rs114 a litre for petrol, against Rs100 a litre for HSD.