Govt cuts petrol by Rs5.16, diesel by Rs7.69 for Oct 20

Govt cuts petrol by Rs5.16, diesel by Rs7.69 for Oct 20 ISLAMABAD: The government on Monday reduced the price of petrol by Rs5.16 per litre and high-speed diesel (HSD) by Rs7.69, providing some relief to consumers amid continued volatility in international oil markets. According to a notification issued by the Petroleum Division, the revised prices will take effect on Tuesday, October 20. Petrol will now cost Rs381.14 per litre, while HSD will be sold at Rs389.27 per litre. The government continues to collect Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel. The latest reduction follows a sharp increase in fuel prices earlier this year after the outbreak of the US-Iran war on February 28. HSD had reached a peak of Rs520.35 per litre on April 3, after rising from Rs281 per litre following the outbreak of hostilities. Petrol peaked at Rs458.41 per litre on the same date, having climbed from Rs266 in the first week of March. The latest cuts bring both fuel prices further down from those record levels, although consumers continue to face substantial fuel costs. Meanwhile, the government has reintroduced austerity measures to conserve fuel amid rising international oil prices and the continuing conflict in the Middle East. Under the measures, markets are required to close by 9pm, while fuel allocations for official vehicles have been reduced by 50 per cent for three months. On September 13, Prime Minister Shehbaz Sharif also announced a relief scheme for users of motorcycles, auto-rickshaws and vehicles with engine capacities of up to 800cc to ease the burden of rising global oil prices. The government has also moved towards more frequent fuel-price adjustments in response to fluctuations in international markets. On July 17, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would be fixed daily following renewed hostilities between Iran and the United States in the Persian Gulf. The latest revision reflects the continuing impact of international oil-market movements on domestic fuel prices, which have remained a major concern for households, transport operators and businesses.