The federal government has reduced the price of petrol by Rs8 per litre and High-Speed Diesel (HSD) by Rs7 per litre, bringing their prices down to Rs338 and Rs371, respectively, effective from Wednesday, November 11.
The Oil and Gas Regulatory Authority (OGRA) issued a notification announcing the revised prices on Tuesday.
The latest reduction came as the government continued an arrangement under which oil refineries will contribute Rs15 billion towards the petroleum levy over a 30-day period. The government announced the arrangement on November 2.
Meanwhile, international oil prices rose on early Wednesday after falling to their lowest level in two months during the previous session. Market movements reflected hopes of a de-escalation in the United States (US)-Israeli war on Iran, alongside concerns over attacks on shipping in the Strait of Hormuz.
Brent crude futures rose by $1.04, or 1.1 percent, to $92.53 per barrel, while US West Texas Intermediate (WTI) crude increased by 67 cents, or 0.8 percent, to $86.71 per barrel.
The government had earlier introduced the Prime Minister’s Fuel Relief Scheme on September 17 to provide relief to the public amid rising fuel prices following the situation in the Middle East. The scheme covered owners of motorcycles, rickshaws and vehicles with engine capacities of up to 800cc.
The government had also reintroduced austerity measures to conserve fuel, requiring markets to close by 9pm and reducing fuel allocations for official vehicles by 50 percent for three months.
Fuel prices had recorded significant increases after the US-Iran war began on February 28. HSD had climbed from Rs281 per litre to Rs520.35 on April 3, while petrol had risen from Rs266 in the first week of March to Rs458.41 on the same date.
Petrol remained a key fuel for private transport, small vehicles, rickshaws and motorcycles, while diesel primarily served the heavy transport sector, power plants and large generators. Changes in both fuel prices affected transport costs and consumers across the country.
