Petrol falls to Rs386.30 per litre from October 17 to 19, while high-speed diesel remains unchanged at Rs396.96 amid volatility in global oil markets.
ISLAMABAD: The federal government has reduced the price of petrol by Rs3.93 per litre for three days, while keeping the price of high-speed diesel (HSD) unchanged until October 19, according to a notification issued by the Petroleum Division on Friday.
Under the latest revision, petrol will be available at Rs386.30 per litre, while the price of HSD will remain at Rs396.96 per litre from October 17 to October 19.
The latest reduction follows a separate revision announced for October 16, when the government cut petrol prices by Rs3.63 per litre but increased the price of diesel by 31 paisas per litre.
Government shifts to daily fuel pricing
On July 17, the government introduced a new petroleum pricing mechanism under which prices would be reviewed and notified daily, replacing the previous weekly system.
The change came amid renewed tensions between the United States and Iran, which heightened uncertainty over international oil supplies and contributed to volatility in global energy markets.
Under the daily mechanism, domestic fuel prices remain exposed to movements in international crude oil prices, exchange rates and other components of the petroleum pricing calculation.
Rs100 per litre relief for motorcycles and small cars
On September 13, Prime Minister Shehbaz Sharif announced a special fuel relief scheme offering a subsidy of Rs100 per litre for motorcycles, three-wheeler rickshaws and cars with engine capacities of up to 800cc.
The proposed scheme was expected to cover approximately 11.8 million beneficiaries, including around 10 million two-wheeler users, 800,000 three-wheeler users and one million owners of eligible small cars.
Brent crude futures increased by $3.41, or 3.2%, to $109.34 per barrel, while US West Texas Intermediate (WTI) crude futures rose by $2.74, or 2.8%, to $100.67 per barrel. WTI crossed the $100 mark for the first time since September 21, according to the market figures provided.