Govt reduces petrol price by Rs1.60 per litre, raises high-speed diesel rate by Rs1.64

The government cut petrol by Rs1.60 per litre and increased high-speed diesel (HSD) by Rs1.64, Dawn reported on Thursday. From Oct 23, petrol will cost Rs377.71 per litre and HSD Rs391.75. Taxes and duties remain Rs114 per litre on petrol and Rs100 on diesel, according to the Petroleum Division notification.

The latest changes come as fuel prices are being revised daily in response to movements in international markets. Petrol and HSD had both reached their highest reported prices on April 3, at Rs458.41 and Rs520.35 per litre, respectively. The government has also brought back austerity steps, including a 50 per cent reduction in official vehicle fuel allocations for three months and a 9pm closing time for markets.

Petrol is used mainly by private and small vehicles, while diesel serves heavy transport, power plants and large generators. The price revisions therefore concern transport and power-sector fuel costs as well as household spending.