The federal government has reduced the price of petrol by Rs3 per litre and High-Speed Diesel (HSD) by Rs4, marking the eighth consecutive reduction in domestic fuel prices.
According to a notification issued by the Oil and Gas Regulatory Authority (OGRA), petrol will now cost Rs332 per litre, while the price of HSD will stand at Rs360 per litre from Friday, November 13.
The government continues to charge Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel.
The government had launched the Prime Minister’s Fuel Relief Scheme across the country on September 17 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 remained under pressure as markets assessed developments surrounding the US blockade of Iran and the risk of disruptions to oil supplies from the Middle East.
The latest reduction follows a period of rising domestic fuel prices after the US-Iran war began on February 28. HSD had climbed from Rs281 per litre to a peak of Rs520.35 on April 3. Petrol also rose from Rs266 in the first week of March to Rs458.41 on April 3.
The government has also reintroduced austerity measures in response to rising fuel costs and the Middle East conflict. These measures require markets to close by 9pm and cut fuel allocations for official vehicles by 50 percent for three months.
Petrol mainly serves private transport, small vehicles, rickshaws and motorcycles, while diesel powers heavy transport, power plants and large generators. Changes in the prices of both fuels affect transport costs and consumers across the country.
