The federal government on Friday increased the price of petrol by Rs2.02 per litre but reduced the price of High-Speed Diesel (HSD) by Rs3.59 per litre.
Following the revision, petrol will cost Rs391.30 per litre, while HSD will be available at Rs408.53 per litre.
The government continues to charge Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel.
According to a Petroleum Division notification, the revised prices will remain in effect from September 26 to September 28.
The changes come as oil prices move amid developments surrounding the United Stated (US)-Iran conflict.
Brent futures stood at $103.64 a barrel, up $2.96, or 2.8 percent, while West Texas Intermediate (WTI) crude fell $2.86, or 3 percent , to $91.75.
In Pakistan, HSD has declined from its peak of Rs520.35 per litre recorded on April 3. Its price had risen from Rs281 per litre after the US-Iran war began on February 28.
Petrol had also reached its highest price of Rs458.41 per litre on April 3 after starting to rise from Rs266 in the first week of March.
The government has also reintroduced austerity measures in response to higher fuel prices amid the ongoing conflict in the Middle East.
Under the measures, markets must close by 9pm, while fuel allocations for official vehicles have been reduced by 50 percent for three months.
On September 13, Prime Minister (PM) Shehbaz Sharif announced a “relief scheme” for users of motorcycles, autos and vehicles with engines up to 800cc to “alleviate the burden” of higher global oil prices.
Earlier, on July 17, Petroleum Minister Ali Pervaiz Malik announced that the government will fix fuel prices on a daily basis because international market prices have fluctuated following renewed hostilities between Iran and the US.
Before the daily pricing system, the government had revised fuel prices every week since early March and introduced fuel-conservation measures over concerns about possible disruptions to oil supplies from the Middle East conflict.
In April, the federal government also announced targeted measures to provide subsidised fuel.
