Govt raises petrol price by Rs2.31 per litre, high-speed diesel rate by Re0.78 per litre

According to Dawn, the government raised petrol prices by Rs2.31 per litre and high-speed diesel (HSD) by Rs0.78 per litre on Thursday. The revised rates apply from Oct 9 and set petrol at Rs398.96 per litre and HSD at Rs395.72 per litre. Taxes and duties still make up Rs114 per litre on petrol and Rs100 per litre on diesel.

Both fuels are still below the peaks reached on April 3, when HSD hit Rs520.35 and petrol reached Rs458.41. Prices had climbed after the US-Iran war began on February 28, with HSD rising from Rs281 and petrol from Rs266 in early March. Authorities have also brought back austerity steps, requiring markets to close by 9pm and trimming fuel allocations for official vehicles by 50 per cent over a three-month period.

Prime Minister Shehbaz Sharif announced a relief scheme on Sept 13 for motorcycles, autos and vehicles up to 800cc. Earlier, on July 17, the petroleum minister said prices would be set daily, a role now assigned to Ogra. Petrol and HSD bring in most of the revenue, with monthly volumes of roughly 700,000 to 800,000 tonnes against about 10,000 tonnes of kerosene demand.