Petrol price reduced by Rs3 per litre, diesel by Rs7

WEB DESK: The federal government on Wednesday announced a reduction in petrol and high-speed diesel (HSD) prices following a summary submitted by the Oil and Gas Regulatory Authority (OGRA).

The latest reduction comes a day after the government cut petrol and diesel prices by Rs8 and Rs7 per litre, respectively, bringing their rates to Rs338 and Rs371 per litre from November 11.

According to the latest notification, petrol prices have been reduced by Rs3 per litre, bringing the new rate to Rs335 per litre.

Similarly, the price of high-speed diesel has been cut by Rs7 per litre to Rs364 per litre.

The revised prices will take effect from November 12, according to the official notification.

Fluctuations in petroleum prices

Diesel prices have declined after reaching a record high of Rs520.35 per litre on April 3. When the war between the United States and Iran began on February 28, diesel was selling at Rs281 per litre before prices started climbing.

Petrol prices also began rising in the first week of March, from Rs266 per litre, and peaked at Rs458.41 per litre on April 3.

On September 13, Prime Minister Shehbaz Sharif announced a relief scheme for motorcycle, rickshaw and car owners with vehicles up to 800cc to ease the burden of rising international oil prices.

Earlier, on July 17, the petroleum minister announced that domestic petroleum prices would be revised daily amid fluctuations in international oil prices following renewed tensions between Iran and the United States in the Persian Gulf.

Since the beginning of March this year, the government had been revising petroleum prices weekly. Meanwhile, fuel conservation measures were introduced amid concerns over potential disruptions to oil supplies due to the ongoing conflict in the Middle East.