Govt reduces petrol price by Rs2.27 per litre, high-speed diesel rate by Rs3.56

Dawn reported that the government lowered petrol prices by Rs2.27 a litre on Monday and cut high-speed diesel by Rs3.56 a litre. Petrol will now sell at Rs389.03 a litre and diesel at Rs404.97, with the revised rates effective for September 29 according to a Petroleum Division notification. Taxes and duties still make up Rs114 of each litre of petrol and Rs100 of each litre of diesel.

Diesel had risen from Rs281 a litre after the US-Iran war began on February 28, peaking at Rs520.35 on April 3 before easing. Petrol followed a similar path, climbing from Rs266 in early March to a high of Rs458.41 on the same April date.

Separately, the government has brought back austerity steps, including markets closing by 9pm and a 50 per cent cut in fuel allocations for official vehicles over three months. A cabinet and prime minister decision now places Ogra in charge of setting fuel prices daily, based on international market trends.