Govt cuts petrol price by Rs0.58, HSD by Rs0.17

Dawn reported that the government trimmed petrol rates by Rs0.58 a litre on Friday, while high-speed diesel (HSD) became Rs0.17 cheaper per litre. Under the revised schedule, petrol will sell at Rs342.02 a litre and HSD at Rs371.44 a litre. The new rates apply from Aug 29 to Aug 31, according to a Petroleum Division notification.

Levies remain substantial, with Rs114 per litre charged on petrol and Rs100 per litre on diesel in taxes and duties. HSD had climbed from Rs281 once the US-Iran conflict began on February 28, reaching Rs520.35 on April 3 before easing. Petrol followed a similar path, moving up from Rs266 in early March to a high of Rs458.41 on April 3.

Fuel prices will now be revised daily instead of weekly, a shift Petroleum Minister Ali Pervaiz Malik linked to volatile international markets after renewed Iran-US hostilities. The Oil and Gas Regulatory Authority (Ogra) has been given the job of setting these daily rates based on global trends, following a cabinet and prime ministerial decision. Petrol is mostly used by private transport, small vehicles, rickshaws and two-wheelers, while diesel powers heavy transport, power plants and large generators. Together, petrol and HSD are the main revenue earners, with monthly sales of about 700,000 to 800,000 tonnes against 10,000 tonnes for kerosene.