Govt cuts petrol price by Re0.94, raises high-speed diesel by Re0.54

Dawn reported that the government lowered petrol rates by Rs0.94 per litre on Wednesday, while high-speed diesel (HSD) rose by Rs0.54 per litre. Revised retail prices stand at Rs324.98 for petrol and Rs382.79 for HSD, under a Petroleum Division notification covering Thursday, August 13. Taxes and duties still make up Rs114 a litre of the petrol price and Rs100 a litre of the diesel price.

Diesel has fallen from its April 3 peak of Rs520.35, and petrol has eased from its Rs458.41 high set on that same date. Diesel had been priced at Rs281 before the US-Iran conflict erupted on February 28, and petrol climbed from Rs266 in early March.

Petroleum Minister Ali Pervaiz Malik said fuel prices will now be fixed daily, with the Oil and Gas Regulatory Authority given responsibility for setting them based on international market trends, following renewed Iran-US hostilities. The All Pakistan Dealers Association opposed the daily pricing and said it would consider a protest plan. Petrol and HSD are big revenue sources, with sales of around 700,000 to 800,000 tonnes each month, far above kerosene's 10,000 tonnes of monthly demand.