KARACHI / ISLAMABAD — The government on Tuesday slashed the price of petrol by Rs8 per litre and that of high-speed diesel (HSD) by Rs7. Following the revision, petrol will retail at Rs338 per litre, while HSD will cost Rs371 on Nov 11 (Wednesday), according to a notification by the Oil and Gas Regulatory Authority (Ogra).
The government continues to levy Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel. Under an arrangement announced on Nov 2, for 30 days, oil refineries will contribute to the petroleum levy by bearing a cumulative impact of Rs15 billion, according to the government. This allows a Rs14.71 reduction in the petrol price at the consumer end.
On Sept 17, the government rolled out the Prime Minister’s Fuel Relief Scheme across the country to ease the public’s burden amid rising fuel prices due to the Middle East situation. The subsidy scheme applies to owners of motorcycles, rickshaws and vehicles of up to 800cc. Rise in fuel prices The price of HSD has come down from a peak of Rs520.35 recorded on April 3.