The federal government on Wednesday reduced the price of petrol by Rs1.93 per litre and High-Speed Diesel (HSD) by Rs4.21 per litre, bringing both down to to Rs390.12 and Rs414.75 per litre, respectively.
The drop came as global oil prices edged lower after Iran said that it remained open to diplomacy to end the conflict with the United Stated (US), although the two sides remain far apart on how to reach a deal.
Brent crude futures fell 94 cents, or 0.9 percent, to $102.13 a barrel, while West Texas Intermediate (WTI) futures declined 59 cents, or 0.7 percent, to $91.56 after rising 4 percent in the previous session.
According to the Petroleum Division’s notification, the government continues to levy Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel.
The latest revision follows months of fluctuations in fuel prices linked to movements in international oil markets. HSD had reached Rs520.35 per litre on April 3 after rising from Rs281 per litre following the outbreak of the US-Iran war on February 28.
Petrol also peaked at Rs458.41 per litre on April 3 after beginning its rise from Rs266 in the first week of March.
The government has also reintroduced austerity measures in response to rising fuel prices amid the ongoing Middle East conflict. Under the measures, markets must close by 9 pm, while fuel allocations for official vehicles have been cut by 50 percent for three months.
On September 13, Prime Minister (PM) Shehbaz Sharif announced a relief scheme for motorcycles, rickshaws and cars up to 800cc to ease the impact of rising global oil prices.
