Petrol price cut by Rs0.84, diesel by Rs2.63 per litre

The federal government late Thursday evening announced a reduction in the prices of both petrol and high-speed diesel, according to an updated notification.

The price of petrol has been reduced by Rs0.84 per litre, while high-speed diesel has become cheaper by Rs2.63 per litre.

Following the reduction, petrol is now priced at Rs389.28 per litre, down from Rs390.12 previously.

Similarly, the price of high-speed diesel has been reduced from Rs414.75 to Rs412.12 per litre.

The latest revision follows changes in international oil prices and the government’s review of petroleum product prices.

Petroleum prices are normally revised on a fortnightly basis. However, amid uncertainty in international oil markets following the US-Iran conflict, the authorities have made price adjustments more frequently.

With a surge in petrol prices each day, government has launched a new petrol subsidy offering Rs100 per litre relief to eligible motorcycle, rickshaw, three-wheeler and small-car owners.

Meanwhile, Prime Minister Shehbaz Sharif has said the scheme was intended to reduce the financial pressure caused by rising fuel prices, particularly for people who rely on motorcycles, rickshaws, three-wheelers and small cars for their daily travel and livelihoods.

Fuel prices have increased amid the ongoing Middle East crisis triggered by the US-Iran war, with disruptions to oil shipments and restricted tanker traffic through the Strait of Hormuz adding to supply concerns.

Here’s who can apply, how to register by SMS, how to get the fuel token and when the subsidy will become available.