The federal government has increased the price of petrol by Rs1.19 per litre while reducing the price of High-Speed Diesel (HSD) by Rs1.91 per litre, with the new rates taking effect from Wednesday.
Petrol will now cost Rs394.83 per litre, up from the previous rate, while HSD will be available at Rs395.85 per litre. The government continues to charge Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel.
The Petroleum Division issued the notification for the revised prices on Tuesday.
Oil prices rose in the international market on Wednesday amid concerns over supply. Brent crude futures increased by $1.05, or 1.04 percent, to $101.63 a barrel, while United States (US) West Texas Intermediate (WTI) crude futures rose 80 cents, or 0.89 percent, to $90.24 a barrel.
The HSD price has fallen from Rs520.35 per litre, the rate recorded on April 3. Its price had risen from Rs281 per litre after the US-Iran war broke out on February 28.
Petrol, meanwhile, reached Rs458.41 per litre on April 3 after rising from Rs266 in the first week of March.
The government has also reintroduced austerity measures in response to rising fuel prices amid the ongoing Middle East conflict. Under the measures, markets must close by 9pm, while fuel allocations for official vehicles have been cut by 50 percent for three months.
Prime Minister (PM) Shehbaz Sharif announced a relief scheme on September 13 for motorcycle, auto-rickshaw and vehicles up to 800cc users to ease the impact of rising global oil prices.
Petrol is mainly used by private transport, small vehicles, rickshaws and two-wheelers, while HSD is used in heavy transport, power plants and large generators. Both fuels account for most petroleum revenue, with monthly sales of around 700,000 to 800,000 tonnes, compared with about 10,000 tonnes of monthly kerosene demand.
