Govt raises petrol price by Rs1.20 per litre, reduces high-speed diesel rate by Re0.17

Dawn reported that the government raised petrol prices by Rs1.20 per litre on Wednesday, while cutting high-speed diesel (HSD) by Re0.17 per litre. Petrol will now sell at Rs393.86 per litre and HSD at Rs396.65 per litre from Oct 15 (Thursday). Taxes and duties remain at Rs114 per litre for petrol, whereas diesel carries Rs100 per litre.

Diesel has eased from a peak of Rs520.35 recorded on April 3, having climbed from Rs281 once the US-Iran war began on February 28. Petrol touched Rs458.41 on the same date, after starting its climb from Rs266 in early March.

The government has also brought back austerity steps linked to the Middle East conflict, requiring markets to close by 9pm while official vehicles receive 50 per cent less fuel allocation for three months. Petroleum Minister Ali Pervaiz Malik had announced on July 17 that prices would be fixed daily, replacing the weekly revisions in place since early March. Ogra now has the task of setting prices each day in line with international market movements.