Petrol price up by Rs1.19 per litre, high-speed diesel's down by Rs1.91 in latest revision

Dawn reported that the government raised petrol prices by Rs1.19 per litre on Tuesday, while high-speed diesel (HSD) was cut by Rs1.91 per litre. Under the revision, petrol will retail at Rs394.83 per litre and HSD at Rs395.85 per litre from Wednesday, October 7, according to a Petroleum Division notification. Taxes and duties still make up Rs114 per litre of petrol and Rs100 per litre of diesel.

HSD has come off its April 3 peak of Rs520.35, having climbed from Rs281 once the US-Iran conflict began on February 28. Petrol followed a similar path, peaking at Rs458.41 on April 3 after starting from Rs266 in early March. The government has also brought back austerity steps, requiring markets to close by 9pm and giving official vehicles 50 per cent less fuel for three months.

The petroleum minister said the Oil and Gas Regulatory Authority (Ogra) will set fuel prices each day using international market trends, a shift that followed a cabinet decision. Petrol and HSD are the chief revenue sources, selling 700,000 to 800,000 tonnes a month, compared with only 10,000 tonnes of monthly kerosene demand. Petrol is mainly used in private transport and two-wheelers, while diesel runs heavy haulage, power stations and big generators.