From Dawn · News Desk · · 1m 50s
Govt reduces petrol price by Rs2.71 per litre
Pakistan government cuts petrol price by Rs2.71 per litre amid Middle East conflict.
In brief
Pakistan government cuts petrol price by Rs2.71 per litre amid Middle East conflict. Pakistan's government reduced petrol price by Rs2.71 per litre and high-speed diesel by Rs0.03 per litre to address rising fuel costs from the US-Iran war. Originally reported by Dawn.
Government cuts fuel prices
The government reduced petrol price by Rs2.71 per litre and high-speed diesel by Rs0.03 per litre on Tuesday.
New prices take effect
Petrol will retail at Rs392.66 per litre, while high-speed diesel will cost Rs396.82 per litre starting October 14.
Tax rates remain unchanged
The government continues to levy Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel.
Price history
HSD price dropped from a peak of Rs520.35 on April 3 to Rs396.82 after rising from Rs281 following the US-Iran war.
Petrol price history
Petrol peaked at Rs458.41 on April 3 after starting from Rs266 in early March.
Austerity measures
Markets must close by 9pm and fuel allocations for official vehicles cut by 50% for three months.
Relief scheme
Prime Minister Shehbaz Sharif announced a relief scheme for motorcycles, autos and vehicles up to 800cc to ease rising oil prices.
Daily pricing decision
Petroleum Minister Ali Pervaiz Malik announced fuel prices would be fixed daily due to international market fluctuations.
Previous pricing system
The government previously announced weekly fuel price revisions since early March amid Middle East conflict.
Impact on public
Petrol and high-speed diesel affect middle and lower-middle classes, with monthly sales of 700,000 to 800,000 tonnes.
Next steps
The government will continue to monitor international oil prices and adjust fuel prices daily to manage inflation.
The big picture
Pakistan's government reduced petrol price by Rs2.71 per litre and high-speed diesel by Rs0.03 per litre to address rising fuel costs from the US-Iran war.
