Government cuts petrol price by Rs2.71 per litre — Dawn

The government has reduced the price of petrol by Rs2.71 per litre and that of high-speed diesel (HSD) by Rs0.03. The new prices will take effect on October 14: a litre of petrol will cost Rs392.66, while high-speed diesel will cost Rs396.82, Dawn reports.

Taxes and levies

Following the revision of fuel prices, the government will continue to collect Rs114 in taxes and levies on every litre of petrol and Rs100 per litre of high-speed diesel. The Oil Division announced the new prices.

The price of high-speed diesel has fallen compared with the peak of Rs520.35 per litre recorded on April 3. Before that, it began rising from Rs281 per litre after the war between the United States and Iran began on February 28. The price of petrol reached Rs458.41 per litre on April 3 after rising from Rs266 in the first week of March.

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Daily price setting

In July, Petroleum Minister Ali Pervaiz Malik said that fuel prices would be set daily due to fluctuations on the international market. The cabinet and the prime minister instructed the Oil and Gas Regulatory Authority (Ogra) to make such decisions.

The authorities have also reinstated austerity measures: markets must close by 21:00, while fuel allocations for official vehicles have been cut by 50% for three months. In September, Prime Minister Shehbaz Sharif announced an assistance programme for users of motorcycles, auto-rickshaws and cars with engines of up to 800 cubic centimetres.