The federal government has raised the price of petrol by Rs2.31 per litre to Rs398.96 and High-Speed Diesel (HSD) by Re0.78 to Rs395.72 per litre, even as international oil prices fell on Friday following President of United States (US) Donald Trump’s comments on talks with Iran.
Brent crude futures fell $1.37, or 1.3 percent, to $102.91 a barrel, while US West Texas Intermediate (WTI) crude futures dropped $1.09, or 1.2 percent, to $90.40.
Oil prices declined after Trump said the US will not attack Iran before next month’s US elections, citing productive talks to end the war that has disrupted global energy markets. The comments eased concerns over oil supplies from the Middle East.
According to a Petroleum Division notification, the revised fuel prices took effect on Friday, October 9.
The government continues to charge Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel.
The latest increase comes as the government maintains austerity measures to conserve fuel amid the ongoing Middle East conflict. The measures require markets to close by 9 pm and cut fuel allocations for official vehicles by 50 percent for three months.
Prime Minister (PM) Shehbaz Sharif has also announced a relief scheme for motorcycle users and owners of autos and vehicles with engines of up to 800cc to ease the burden of rising global oil prices.
