The federal government has reduced the prices of petrol and High-Speed Diesel (HSD) by Rs2.20 and Rs1.50 per litre, respectively.
As per the details, petrol will sell at Rs327.62 per litre, while HSD will cost Rs380.86 per litre.
While the government retains taxes and duties of Rs114 per litre on petrol and Rs100 per litre on HSD, a notification from the Petroleum Division states the rates remain effective from August 8 to August 10.
The drop follows earlier record highs. HSD dropped from the peak of Rs520.35 recorded on April 3. The price had risen from Rs281 per litre after conflict between the US and Iran began on February 28. Similarly, petrol had climbed to Rs458.41 on April 3 after starting an upward rise from Rs266 in early March.
Last month, Petroleum Minister Ali Pervaiz Malik announced that the government will fix fuel prices on a daily basis due to international market changes linked to ongoing Middle East hostilities.
“The cabinet and the prime minister decided to give the Oil and Gas Regulatory Authority (Ogra) the responsibility of deciding fuel prices on a daily basis based on international market trends,” Malik stated.
The government previously announced weekly price revisions alongside fuel conservation measures and targeted fuel subsidy programmes introduced in April.
Middle and lower-middle-class consumers feel the direct impact of petrol price adjustments, as private transport, small vehicles, rickshaws and two-wheelers rely on the fuel. High-speed diesel powers heavy transport vehicles, power generation plants and industrial generators.
Petrol and HSD drive domestic revenue, with monthly sales reaching 700,000 to 800,000 tonnes, compared to 10,000 tonnes for kerosene.
