The government has increased the price of petrol by Rs1.20 per litre while reducing the rate of High-Speed Diesel (HSD) by Re0.17 per litre, with the revised prices taking effect from Thursday, Oct 15.
Petrol will now cost Rs393.86 per litre while HSD will be sold at Rs396.65 per litre, according to a Petroleum Division notification.
The government continues to charge Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel.
The latest revision comes after fuel prices surged earlier this year following the outbreak of the United States (US)-Iran war on Feb 28. HSD, which cost Rs281 per litre before the increase began, reached Rs520.35 on April 3.
Petrol also climbed from Rs266 in the first week of March to Rs458.41 on April 3.
The government has also reintroduced austerity measures to conserve fuel amid the ongoing conflict in the Middle East. The measures require markets to close by 9pm and cut fuel allocations for official vehicles by 50 percent for three months.
On Sept 13, Prime Minister (PM) Shehbaz Sharif announced a relief scheme for motorcyclists, rickshaw users and owners of vehicles with engine capacities of up to 800cc to ease the impact of rising global oil prices.
Petrol is widely used in private cars, small vehicles, rickshaws and motorcycles, making price changes a concern for middle and lower-middle-income households. Diesel, meanwhile, is mainly used in heavy transport, power plants and large generators, meaning its price also affects transport and other operating costs.
Petrol and HSD remain the government’s main fuel revenue sources, with monthly sales of around 700,000 to 800,000 tonnes each, compared with monthly kerosene demand of about 10,000 tonnes.
