The revised fuel prices take effect on November 3, with petrol set at Rs374.51 and high-speed diesel at Rs395.20 per litre.

The federal government on Monday reduced petrol prices by Rs3.40 per litre and high-speed diesel (HSD) by Rs7.76 for November 3, providing relief to consumers amid volatility in international oil markets.

According to a press release issued by the Oil and Gas Regulatory Authority (OGRA), the new petrol price has been fixed at Rs374.51 per litre, while high-speed diesel will now cost Rs395.20 per litre.

Earlier, the government announced that oil refineries would bear a financial burden of Rs15 billion per month to enable domestic petrol prices to remain Rs15 per litre below international market levels amid the US-Israeli war on Iran.

On July 17, the government introduced a daily petroleum pricing mechanism, replacing the previous weekly review system. The decision was aimed at responding more quickly to fluctuations in international oil prices and concerns over fuel supplies.

Meanwhile, Prime Minister Shehbaz Sharif announced a special fuel relief scheme on September 13, offering a subsidy of Rs100 per litre to motorcycles, three-wheeler rickshaws and cars with engine capacities of up to 800cc.

The scheme targets approximately 11.8 million beneficiaries, including 10 million motorcycle users, 800,000 rickshaw users and one million small-car owners.

Under the arrangement, motorcycle and rickshaw users can receive relief on 20 litres monthly, while eligible car owners can claim a subsidy on 30 litres.

The government also reintroduced austerity and fuel conservation measures on September 17. These included closing markets and shops by 9pm, marriage halls by 10pm and restaurants by 11pm, with takeaway and home delivery services exempted.

The latest petroleum price reduction comes as the government continues efforts to manage domestic fuel costs amid international market uncertainty.