As reported by dawn.com, Friday saw the administration lower the cost of petrol by Rs2 per litre for its ninth consecutive drop, whereas high-speed diesel stayed steady at Rs360 per litre.
Following the revision, petrol will retail at Rs330 per litre from Nov 14 to Nov 16, according to a notification by the Oil and Gas Regulatory Authority. Taxes and duties amounting to Rs114 per litre on petrol and Rs100 per litre on diesel are still imposed by the government.
Based on a government announcement made on Nov 2 regarding a 30-day plan, oil refineries would support the petroleum levy by shouldering a combined total of Rs15 billion. This allows a Rs14.71 reduction in the petrol price at the consumer end.
To lessen citizens’ financial strain caused by surging fuel costs from the Middle East situation, the government launched the Prime Minister’s Fuel Relief Scheme nationwide on Sept 17. The subsidy scheme applies to owners of motorcycles, rickshaws and vehicles of up to 800cc.
The price of high-speed diesel had come down from a peak of Rs520.35 recorded on April 3, after starting to rise from Rs281 per litre following the outbreak of the US-Iran war on Feb 28. Beginning from a first-week March baseline of Rs266, the cost of petrol eventually reached a high point of Rs458.41 on April 3.
Fuel prices have undergone nearly daily adjustments by the authorities starting July 17, driven by international market shifts following fresh conflicts between the US and Iran. According to the petroleum minister, the prime minister and the cabinet resolved to mandate Ogra with setting fuel rates every day in response to global market movements.
