Govt reduces petrol price by Rs1.65 per litre, HSD by Rs0.88 per litre

Dawn reported that the government cut petrol prices by Rs1.65 per litre on Friday, while high-speed diesel (HSD) fell by Rs0.88 per litre. Under the revision, petrol will now sell at Rs389.14 per litre and HSD at Rs424.04 per litre, effective Sept 19 (Saturday) to Sept 21 (Monday).

OGRA said the new rates reflected overseas market prices, premiums and other considerations. Taxes and duties stay at Rs114 per litre for petrol, against Rs100 per litre for diesel. Earlier peaks were Rs458.41 for petrol and Rs520.35 for HSD, both recorded on April 3.

On September 13, Prime Minister Shehbaz Sharif announced a relief scheme for motorcycle, auto and small-vehicle users to offset rising global oil prices. Owners of two- and three-wheelers will receive Rs100 per litre relief on up to 20 litres a month, while vehicles up to 800cc get it on 30 litres. Petrol and HSD are the main revenue earners, with monthly sales of roughly 700,000 to 800,000 tonnes, compared with only 10,000 tonnes of kerosene demand.