Government raises petrol price by Rs4.61, cuts diesel by Rs1.96
New ex-depot rates are Rs393.75 per litre for petrol and Rs422.08 for high-speed diesel, the Petroleum Division announced.
The federal government has increased the price of petrol by Rs4.61 per litre and cut the price of high-speed diesel by Rs1.96 per litre for September 22, according to a Petroleum Division notification issued on Monday.
Petrol will now sell at Rs393.75 per litre and high-speed diesel at Rs422.08 per litre. Minute Mirror reported that petrol rose from Rs389.14 per litre while diesel fell from Rs424.04 per litre.
The change continues the daily pricing mechanism introduced on July 17, when the Oil and Gas Regulatory Authority began revising ex-depot fuel prices every 24 hours in place of the previous weekly reviews. The government adopted the system to shield the domestic market from volatility in global oil markets, TechJuice reported. The Express Tribune reported that between September 19 and 21 the government had lowered petrol by Rs1.65 per litre and high-speed diesel by 88 paisas per litre.
Prime Minister Shehbaz Sharif on September 13 announced a relief scheme offering Rs100 per litre off petrol for motorcycles, rickshaws and cars with engines up to 800cc. The Prime Minister's Office said the scheme was expanded on September 18 to cover 20-year-old motorcycles, rickshaws and Qingqi rickshaws registered after January 1, 2006. The plan targets an estimated 11.8 million beneficiaries: about 10 million two-wheeler users and 800,000 three-wheeler users will receive relief on 20 litres of fuel per month, up to Rs2,000 each, while one million users of cars up to 800cc will receive relief on 30 litres per month, up to Rs3,000 each, according to the Express Tribune.
On September 17, the Cabinet Division reintroduced austerity and fuel conservation measures due to rising fuel prices. Shops, markets, shopping malls and bazaars must close by 9pm, marriage halls and marquees by 10pm, and restaurants, cafes and eateries by 11pm. Takeaway and home delivery services remain exempt from these timing restrictions.
Global oil prices eased on Monday, with Brent crude futures for November falling to a 12-day low of $99.51 a barrel as investors hoped for diplomatic progress on Iran at this week's United Nations meeting and a partial recovery in shipments from Saudi Arabia. Pakistan imports most of its petroleum needs, so international price shifts quickly feed into domestic fuel costs.
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