The federal government has reduced the price of petrol by Rs2 per litre, marking a ninth consecutive cut, while keeping the price of High-Speed Diesel (HSD) unchanged at Rs360 per litre.
According to a notification issued by the Oil and Gas Regulatory Authority (OGRA), the revised petrol price of Rs330 per litre will take effect from November 14 and remain in place until November 16.
The latest reduction comes under an arrangement announced by the government on November 2, under which oil refineries will contribute to the petroleum levy over a 30-day period. The refineries will bear a cumulative financial impact of Rs15 billion.
On September 17, the government introduced the Prime Minister’s Fuel Relief Scheme across the country to provide relief to consumers facing higher fuel costs amid the situation in the Middle East. The scheme covers owners of motorcycles, rickshaws and vehicles with engine capacities of up to 800cc.
Meanwhile, international oil prices are heading towards a second consecutive weekly decline as signs of a growing global supply surplus weigh on the market.
Brent crude futures fell five cents, or 0.05 percent, to $95.77 per barrel, while Unites States (US) West Texas Intermediate crude declined 17 cents, or 0.19 percent, to $88.57 per barrel.
The price of HSD has fallen from its peak of Rs520.35 per litre, recorded on April 3. Its price had begun rising from Rs281 per litre after the US-Iran war broke out on February 28.
Petrol prices also reached Rs458.41 per litre on April 3, after climbing from Rs266 per litre in the first week of March.
In response to rising fuel costs amid the ongoing Middle East conflict, the government reintroduced austerity measures, requiring markets to close by 9pm and reducing fuel allocations for official vehicles by 50 percent for three months.
Petrol is primarily used in private vehicles, small cars, motorcycles and rickshaws, making its price changes particularly relevant to middle- and lower-middle-income households. Diesel, meanwhile, is widely used in heavy transport, power plants and large generators, meaning changes in its price affect transport and other sectors.
