Govt cuts petrol price by Rs0.75, raises diesel by Rs2.24 per litre

The government on Wednesday reduced the price of petrol by Rs0.75 per litre while increased the price of high-speed diesel (HSD) by Rs2.24 per litre.

According to a notification issued by the Petroleum Division, the new prices will take effect from July 30 (Thursday). Following the revision, petrol will be sold at Rs335.06 per litre, while HSD will cost Rs390.62 per litre.

Despite the latest increase, the price of diesel remains well below its peak of Rs520.35 per litre recorded on April 3. Diesel prices had surged after the US-Iran conflict began on February 28, when HSD was priced at Rs281 per litre.

Petrol had also climbed sharply during the same period, reaching a high of Rs458.41 per litre after rising from Rs266 per litre in early March.

Earlier, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would now be reviewed on a daily basis to reflect fluctuations in international oil markets following renewed hostilities between Iran and the United States.