Govt reduces petrol price by Rs1.7 per litre, HSD by Rs3.12 per litre

Dawn reported that the government cut petrol prices by Rs1.70 per litre and high-speed diesel (HSD) by Rs3.12 per litre on Tuesday. Under the revised rates, petrol will sell at Rs392.05 per litre and HSD at Rs418.96 per litre, with the new prices applying from Wednesday, September 23, according to the Petroleum Division's notification. Levies stay at Rs114 per litre on petrol, while diesel attracts Rs100 per litre.

Diesel had risen from Rs281 per litre once the US-Iran war began on February 28, reaching Rs520.35 on April 3 before easing. Petrol followed a similar path, moving from Rs266 in early March to a high of Rs458.41 on April 3. Separately, the government reintroduced austerity steps, requiring markets to close by 9pm and cutting fuel allocations for official vehicles by 50 per cent for three months.

On July 17, Petroleum Minister Ali Pervaiz Malik announced daily fuel pricing, with the Oil and Gas Regulatory Authority (Ogra) responsible for decisions based on international market trends. On September 13, Prime Minister Shehbaz Sharif announced a relief scheme for motorcycles, autos and vehicles up to 800cc. Petrol and HSD, the main revenue earners, sell roughly 700,000 to 800,000 tonnes a month, versus only 10,000 tonnes of kerosene demand.