Key Takeaways
- Petrol price reduced by Rs3.39 per litre to Rs328.56.
- High-speed diesel (HSD) price decreased by Rs4.07 per litre to Rs385.86.
- Prices effective from Wednesday, August 5.
The government has announced a reduction in the prices of petrol and high-speed diesel (HSD), effective from Wednesday, August 5. The new ex-depot price for Motor Spirit (petrol) is now Rs328.56 per litre, down by Rs3.39 from its previous rate.
Similarly, HSD has seen a reduction of Rs4.07 per litre to Rs385.86, marking the latest adjustment in line with ongoing practices based on international oil markets and other cost factors.
The government continues to levy taxes and duties on these fuels; petrol is taxed at Rs110 per litre while diesel faces a tax of Rs96 per litre.
This reduction follows previous adjustments made on Monday, where the price of petrol was cut by Rs4.08 per litre and HSD by Rs2.45 per litre.
The decision to adjust fuel prices more frequently is part of ongoing efforts to respond swiftly to market fluctuations, particularly in light of recent geopolitical tensions in the Middle East.
Petrol prices had peaked at Rs458.41 on April 3 and diesel reached a peak of Rs520.35 on the same date, reflecting significant volatility since February 28 when hostilities between Iran and the US began.
In an effort to manage fuel costs amid potential supply disruptions, the government had been announcing weekly revisions to fuel prices since early March. The Petroleum Minister Ali Pervaiz Malik announced that daily pricing would now be implemented based on international market trends.
The cabinet and Prime Minister have given the Oil and Gas Regulatory Authority (OGRA) the responsibility of setting daily fuel prices, reflecting a shift towards more dynamic price adjustments.
