Govt slashes petrol price by Rs5.16 per litre, high-speed diesel rate by Rs7.69

Dawn reported that the government cut petrol prices by Rs5.16 per litre and high-speed diesel (HSD) by Rs7.69 on Monday. Under the revision, petrol will now sell at Rs381.14 per litre and HSD at Rs389.27 per litre, with the new rates taking effect from Tuesday, October 20.

Levies and duties on petrol still stand at Rs114 per litre, while diesel carries Rs100 per litre in such charges. HSD has retreated from a peak of Rs520.35 on April 3, after rising from Rs281 once a US-Iran conflict began on February 28. Petrol followed a similar path, climbing to Rs458.41 by April 3 after beginning at Rs266 in early March.

The government has also brought back austerity steps tied to rising fuel costs from the Middle East conflict, under which markets must shut by 9pm. Official vehicles will receive 50 per cent less fuel for a three-month period. Responsibility for setting fuel prices daily now rests with the Oil and Gas Regulatory Authority (Ogra), based on international market trends.