Govt hikes petrol price by Rs5.58, HSD by Rs4.18

Following the latest revision, petrol will now be sold at Rs364.35 per litre, while high-speed diesel (HSD) will cost Rs385.95 per litre. The government continues to impose taxes and duties of Rs114 per litre on petrol and Rs100 per litre on diesel.

According to a notification issued by the Petroleum Division, the revised prices will take effect on Wednesday, Sept 9.

The price of HSD has declined from its peak of Rs520.35 per litre, recorded on April 3. Diesel prices had started climbing from around Rs281 per litre after the US-Iran war began on February 28.

Petrol had also reached a peak of Rs458.41 per litre on April 3, after starting its upward movement from around Rs266 per litre in the first week of March.

On July 17, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would be determined on a daily basis in response to fluctuations in international oil markets following renewed hostilities between Iran and the United States.

Before this change, the government had been revising fuel prices on a weekly basis since early March, while also introducing fuel conservation measures amid concerns over possible oil supply disruptions caused by the ongoing conflict in the Middle East. In April, the federal government also announced targeted relief measures aimed at providing subsidised fuel.

The petroleum minister said the cabinet and the prime minister had decided to assign the Oil and Gas Regulatory Authority (Ogra) the responsibility of determining fuel prices each day in line with international market trends.

Petrol is primarily used by private vehicles, small cars, rickshaws and motorcycles, meaning changes in its price have a direct impact on middle- and lower-middle-income households.