Diesel price nose-dives by Rs32.63, petrol registers Rs2.97 increase

Dawn reported that high-speed diesel (HSD) fell by Rs32.63 per litre in a Wednesday revision, while petrol rose by Rs2.97. The cut followed talks with oil refineries that the government described as successful. Revised rates take effect on Thursday, August 20, with petrol retailing at Rs337.51 per litre and HSD at Rs363.06.

Taxes and duties of Rs114 per litre on petrol and Rs100 per litre on diesel remain in place. Since the US-Iran war began on February 28, diesel rose from Rs281 to a peak of Rs520.35 on April 3. Petrol also peaked on April 3, at Rs458.41, after starting from Rs266 in early March.

Petroleum Minister Ali Pervaiz Malik said fuel prices will now be set daily because of swings in international markets after renewed hostilities between Iran and the US. The cabinet and the prime minister have given Ogra the job of setting daily rates based on global trends. Petrol and HSD are the main revenue earners, with monthly sales of roughly 700,000 to 800,000 tonnes compared with about 10,000 tonnes of kerosene demand.