The federal government has reduced petrol prices by Rs0.94 while raising the price of high-speed diesel by Rs0.54 per litre on Wednesday.
Petrol costs Rs324.98 per litre while high-speed diesel costs Rs382.79 per litre under the notification. The government collects Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel. The Petroleum Division issued the notification establishing August 13 as the implementation date.
High-speed diesel reached a peak of Rs520.35 on April 3 after climbing from Rs281 per litre following the outbreak of the war between the United States and Iran on February 28. Petrol peaked at Rs458.41 on April 3 after starting an upward movement from Rs266 per litre in the first week of March.
Vehicles, rickshaws, and two-wheelers run on petrol, directly affecting commuters. Transport fleets, power plants, and generators run on diesel, driving operational costs across industries. Monthly market demand for petrol and high-speed diesel stands between 700,000 and 800,000 tonnes, compared to 10,000 tonnes for kerosene.
Earlier, Petroleum Minister Ali Pervaiz Malik announced fuel price revisions on a daily basis due to international market fluctuations linked to hostilities between Iran and the United States.
“The cabinet and the prime minister decided to give the Oil and Gas Regulatory Authority the responsibility of deciding fuel prices on a daily basis based on international market trends,” the minister stated.
Under the daily adjustment mechanism, prices remained unchanged on certain days despite the routine calculations.
The government previously implemented weekly revisions starting in March, alongside fuel conservation measures amid supply disruption risks in the Middle East. The federal government also introduced targeted relief measures in April to provide fuel subsidies.
