INTERNATIONAL DESK — The federal government on Tuesday slashed the price of petrol by Rs8 per litre and that of high-speed diesel (HSD) by Rs7 per litre for November 11. According to a notification issued by the Petroleum Division, the price of petrol was fixed at Rs338 per litre, while HSD would cost Rs371 per litre for Wednesday. The revision also comes after the government slashed the price of petrol by Rs6.59 per litre and that of HSD by Rs4.25 per litre from November 7 to November 10.
Read: Govt slashes petrol by Rs6.59, diesel by Rs4.25 till Nov 10 On November 2, the government announced that oil refineries would bear a burden of Rs15 billion per month, which would allow petrol to be sold Rs15 cheaper than it was in the global market amid the US-Israeli war on Iran. On July 17, the government announced a new pricing mechanism under which petroleum product prices would be reviewed and notified daily, replacing the weekly pricing mechanism, as renewed tensions between the United States and Iran continued to drive volatility in global oil markets and raise concerns over fuel supplies. On September 13, Prime Minister Shehbaz Sharif announced a special relief scheme offering Rs100 per litre off petrol for motorcycles, three-wheeler rickshaws and cars with engines up to 800cc, in an attempt to shield lower-income consumers from the impact of rising