Govt raises petrol price by Rs3.26 per litre, reduces high-speed diesel rate by Rs1.01 per litre

Dawn reported that the government raised petrol prices by Rs3.26 per litre on Thursday, while cutting high-speed diesel (HSD) by Rs1.01 per litre. Under the revision, petrol will retail at Rs390.66 per litre and HSD at Rs399.34 per litre from Friday, October 2. The Petroleum Division's notification also sets levies at Rs114 for each litre of petrol and Rs100 for each litre of diesel.

Prices had climbed sharply after the US-Iran war began on February 28, with high-speed diesel peaking at Rs520.35 and petrol at Rs458.41 on April 3. Diesel had started from Rs281 per litre and petrol from Rs266 in early March. The government has also brought back austerity steps, requiring markets to shut by 9pm and giving official vehicles 50 per cent less fuel for a three-month period.

Prime Minister Shehbaz Sharif announced a relief scheme on September 13 for motorcycles, autos and vehicles up to 800cc, aimed at easing the strain of higher global oil costs. Deputy Prime Minister Ishaq Dar, reviewing the scheme on September 29, said around 7.60 million registrations had been completed and 7.71 million tokens redeemed. Fuel prices have been set daily since a July 17 announcement, with the Oil and Gas Regulatory Authority (Ogra) given responsibility for deciding them based on international market trends.