By Ali Imran
ISLAMABAD: The government on Tuesday slashed the price of petrol by Rs1.70 and high-speed die-sel (HSD) by Rs3.12 per litre, citing fluctuations in international oil prices.
Following the revision, petrol will now cost Rs392.05, while high-speed diesel (HSD) will be sold at Rs418.96 per litre.
According to a notification issued by the Petroleum Division, the revised fuel prices will be applica-ble for September 23.
Ogra has also begun publishing daily petroleum prices on its website to improve transparency and al-low changes in international oil prices to be passed on to consumers more quickly.
Petroleum Minister Ali Pervaiz Malik said the daily prices are based on a seven-day average of inter-national market prices, in line with international practice. Amid volatility in global oil rates on the back of renewed hostilities in the Middle East, the govern-ment decided to switch to a daily fuel price review mechanism.
The government had introduced a weekly fuel price review system after the conflict in the Middle East began on February 28, when Israel and the United States attacked Iran, leading Tehran to shut the Strait of Hormuz — the main route before the war for around a fifth of global energy supplies.
Tensions have mounted since a fragile June truce between Tehran and Washington collapsed, reviv-ing fears of full-scale war and disrupting energy flows through the Strait.
Previously, the petroleum rates were revised fortnightly.
