Govt reduces petrol price by Re0.66 per litre, raises high-speed diesel rate by Re0.52

Dawn reported that authorities lowered petrol rates by Re0.66 a litre on Friday, while diesel went up by Re0.52 a litre. Petrol will now sell at Rs398.30 per litre and HSD at Rs396.24, with taxes and duties remaining at Rs114 per litre on petrol and Rs100 on diesel. The new rates take effect from Saturday, Oct 10, through Monday, Oct 12, as set out in a Petroleum Division notification.

Diesel has retreated from its April 3 high of Rs520.35, after rising from Rs281 once the US-Iran conflict erupted on February 28. Petrol reached a high of Rs458.41 on April 3 and had begun its climb from Rs266 in early March. Separately, austerity steps have been reinstated, requiring markets to shut by 9pm and trimming official vehicle fuel allocations by 50 per cent over a three-month period.

Fuel prices have been set daily since July 17, when Petroleum Minister Ali Pervaiz Malik announced the end of the weekly revisions that started in early March. Under a decision by the cabinet and prime minister, the Oil and Gas Regulatory Authority (Ogra) now sets daily prices based on international market trends. Petrol mainly serves private transport, compact cars, rickshaws and motorcycles, while diesel is chiefly consumed by heavy transport, power plants and large generators.