ISLAMABAD: Pakistan’s government on Thursday slashed the price of petrol by Rs1.60 per litre while increasing diesel by Rs1.64 per litre following the latest revision.
After the revision, petrol will be priced at Rs377.71 per litre, while high-speed diesel (HSD) will cost Rs391.75 per litre.
According to a press release issued by the Petroleum Division, the revised fuel prices will be applicable from October 23.
The government has revised the prices of petroleum products for Friday.
@Official_PetDiv
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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.
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 Pakistan government in April also announced targeted relief measures to provide subsidised fuel.
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 surge above $112
Oil prices surged on Thursday as renewed Houthi attacks on energy infrastructure and reports of damage to oil tankers near the Strait of Hormuz heightened concerns over global energy supplies.
ALSO READ: Oil Prices Surge Above $112 As Gulf Tensions Threaten Global Supplies
Heightened concerns about disruptions and attacks pushed Brent crude above $112 a barrel and US crude close to $100.
Brent crude rose 3.2 per cent to $112.27 a barrel, while US West Texas Intermediate (WTI) gained 2.8 per cent to $99.80, according to market figures reported by the Associated Press.
The gains reflected renewed concern that the Iran war could disrupt oil production and shipping across the Gulf region.
