ISLAMABAD: Pakistan’s government on Tuesday reduced the price of petrol by Rs2.71 per litre and diesel by Rs0.03 per litre, amid fluctuations in global oil prices.
Following the fresh adjustment, petrol will cost Rs392.66 per litre, whereas high-speed diesel will be sold at Rs396.82 per litre.
According to a press release issued by the Petroleum Division, the revised fuel prices will be applicable from October 14.
The petrol price had peaked at Rs458.41 on April 3 after beginning its upward trajectory from Rs266 in the first week of March.
The price of HSD has come down from a peak of Rs520.35 recorded on April 3. Its price had started rising from Rs281 per litre after the US-Iran war broke out on February 28.
The government has revised the prices of petroleum products for Wednesday
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Pakistan’s daily fuel price mechanism
On July 17, Petroleum Minister Ali Pervaiz Malik announced that 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.
Prior to this, the government had been announcing weekly revisions to fuel prices since early March, alongside measures for the conservation of fuel amid possible oil supply disruptions due to the ongoing conflict in the Middle East.
The federal government in April also announced targeted relief measures to provide subsidised fuel.
The petroleum minister stated that the cabinet and the prime minister had decided to give the Oil and Gas Regulatory Authority (OGRA) the responsibility of deciding fuel prices on a daily basis based on international market trends.
Petrol is mainly used in private transport, small vehicles, rickshaws, and two-wheelers, and changes in its price affect the middle and lower-middle classes.
Similarly, changes in diesel prices also impact the public at large, as it is mainly used in the heavy transport sector, power plants, and large generators.
Oil prices fall as Russian diesel offers relief
Oil prices fell on Tuesday after three sessions of gains, as expectations of additional Russian diesel supplies eased concerns over fuel shortages.
However, escalating security risks in the Middle East continued to threaten energy shipments. Brent crude slipped towards $105 a barrel and US West Texas Intermediate (WTI) fell below $93, according to Bloomberg.
ALSO READ: Oil Prices Fall as Russian Diesel Offers Relief
Brent crude for December delivery declined 1.5 per cent to $105.02 a barrel at 11:08 am Singapore time. WTI traded near $92.
The benchmarks had gained more than 6 per cent over the previous three sessions as attacks on Saudi Arabia and threats to shipping near the Strait of Hormuz raised concerns about supplies.
The figures reflect prices at different points in the trading session, rather than final settlement prices.
