Govt reduces petrol price by Rs0.50, diesel by Rs0.19

Dawn reported that fuel rates were revised downward on Thursday, with petrol falling by Rs0.50 a litre and high-speed diesel (HSD) dropping by Rs0.19 a litre. Under the revised rates, petrol will be sold at Rs342.60 a litre and HSD at Rs371.61 a litre, from Friday, August 28. A Petroleum Division notification announced the new prices.

Levies remain heavy, as the state still collects Rs114 a litre on petrol and Rs100 a litre on diesel through taxes and duties. Prices had surged after the US-Iran war began on February 28, with HSD climbing from Rs281 to a peak of Rs520.35 on April 3. Petrol rose from Rs266 in early March to Rs458.41 on April 3.

Petroleum Minister Ali Pervaiz Malik has said pump prices will be fixed daily instead of weekly, because global markets have swung after renewed fighting between Iran and the US. The cabinet and premier entrusted Ogra with setting rates each day in line with international trends. Petrol is largely used for private cars, small vehicles, rickshaws and motorbikes, while diesel powers heavy trucks, power plants and big generators.