Govt cuts petrol price by Rs3.93 per litre

Petrol became Rs3.93 cheaper per litre after the government's Friday revision, while high-speed diesel (HSD) was held at Rs396.96, according to Dawn. The revised petrol rate stands at Rs386.30 per litre. The Petroleum Division notification states the new prices apply from Oct 17 (Saturday) to Oct 19 (Monday).

Diesel has fallen from its peak of Rs520.35 reached on April 3, having climbed from Rs281 after the US-Iran conflict began on February 28. Petrol also peaked on April 3, at Rs458.41, after rising from Rs266 in early March. Taxes and duties still stand at Rs114 per litre on petrol, while diesel carries Rs100 per litre.

Alongside the revision, the government has reintroduced austerity steps, including market closures at 9pm and a 50 per cent cut in fuel allocations for official vehicles for three months. Fuel prices have been set on a daily basis since a July 17 announcement by Petroleum Minister Ali Pervaiz Malik, and the cabinet and prime minister have given Ogra responsibility for setting them, reflecting overseas market movements.