Govt jacks up petrol price by Rs12.90, HSD by Rs3.72

Dawn reported that the government raised petrol prices by Rs12.90 per litre on Monday, and lifted high-speed diesel (HSD) by Rs3.72 per litre. After the revision, petrol will sell at Rs358.77 per litre and HSD at Rs381.77 per litre. The new rates take effect from Tuesday, Sept 8, according to a Petroleum Division notification.

Taxes and duties account for Rs114 per litre on petrol and Rs100 per litre on diesel, the report said. HSD had fallen from a peak of Rs520.35 on April 3, after climbing from Rs281 following the US-Iran conflict that began on February 28. Petrol peaked at Rs458.41 on the same date, having risen from Rs266 in early March.

Fuel prices have been set daily since July 17, when Petroleum Minister Ali Pervaiz Malik announced the change following a renewed conflict involving Iran and the United States. The Oil and Gas Regulatory Authority now sets rates each day, reflecting overseas market trends, after weekly revisions that began in early March. Petrol and HSD are the main revenue earners, selling roughly 700,000 to 800,000 tonnes each month.