KARACHI / ISLAMABAD — The government on Thursday reduced the price of petrol by Rs3 per litre and that of high-speed diesel (HSD) by Rs4, marking the eighth consecutive decrease. Following the revision, petrol will retail at Rs332 per litre, while HSD will cost Rs360 on Nov 13 (Friday), 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. Oil prices edged higher on Thursday after earlier losses, as persistent geopolitical tensions in the Middle East and Russia offset pressure from rising crude output.