ISLAMABAD: The federal government has reduced the prices of petrol and high-speed diesel (HSD) by Rs2.27 and Rs3.56 per litre, respectively, according to a notification issued by the Oil and Gas Regulatory Authority (OGRA).
Following the reduction, petrol will be available at Rs389.30 per litre, while the price of high-speed diesel has been fixed at Rs404.97 per litre.
The revised prices will take effect from midnight and remain in force until the announcement of the next price adjustment, according to the notification.
The latest reduction comes after a sharp increase in domestic fuel prices in recent months amid volatility in international oil markets and tensions in the Middle East.
The price of diesel had reached a peak of Rs520.35 per litre on April 3, after rising from Rs281 per litre following the outbreak of the US-Iran war on February 28.
Petrol prices also peaked at Rs458.41 per litre on April 3, having started their upward trajectory from Rs266 per litre in the first week of March.
Govt maintains austerity measures
Meanwhile, the government has continued austerity measures in response to rising international fuel prices and the ongoing Middle East conflict.
Under the measures, markets are required to close by 9pm, while fuel allocations for official vehicles have been reduced by 50 per cent for three months.
Prime Minister Shehbaz Sharif has also announced a relief scheme aimed at providing assistance to people using motorcycles, rickshaws and vehicles with engine capacities of up to 800cc.
The initiative is intended to ease the financial burden on low-income and middle-income citizens affected by rising global oil prices.
The Middle East conflict has disrupted energy supplies and trade routes, including shipping through the Strait of Hormuz. Fighting involving Saudi Arabia and Iran-backed Houthi forces has also raised concerns over maritime trade through the Red Sea.
Opposition demands further relief
The government has faced pressure to align domestic petroleum prices with international market rates while addressing the impact of higher fuel costs on households and businesses.
Jamaat-e-Islami chief Hafiz Naeemur Rehman has called on the government to further reduce petroleum prices, abolish the petroleum levy and cut government expenditures.
He warned that the party would continue its protest march if its demands were not met. He also announced a nationwide signature campaign to mobilise public support for the proposed measures.
The latest price reduction offers some relief to consumers, although the impact of international oil market movements and continuing regional tensions remains a key factor in future domestic fuel price adjustments.