Govt cuts petrol price by Re0.94, raises high-speed diesel by Re0.54

Pakistan's government has adjusted fuel prices, lowering the cost of petrol by Re0.94 per litre and increasing high-speed diesel (HSD) by Re0.54 per litre. Following this revision, petrol will be sold at Rs324.98 per litre, and HSD at Rs382.79 per litre.

The government continues to impose substantial taxes on fuel, levying Rs114 per litre on petrol and Rs100 per litre on HSD. These new prices take effect on August 13. The price of HSD had previously peaked at Rs520.35 on April 3, while petrol reached its highest at Rs458.41 on the same date, both influenced by the US-Iran conflict.

In response to fluctuating international market prices, particularly due to renewed hostilities between Iran and the US, fuel prices will now be determined on a daily basis. This shift from weekly revisions, implemented since early March amid concerns over oil supply disruptions, was announced by Petroleum Minister Ali Pervaiz Malik. The decision has met with resistance from the All Pakistan Dealers Association, which is considering protest actions.

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fuel prices would now be fixed on a daily basis due to fluctuations in international market prices following renewed hostilities between Iran and the US.