Prime Minister Anwaarul Haq Kakar-led caretaker government on Saturday night slashed the price of petrol by Rs8 per litre and high-speed diesel by Rs11 per litre for the next fortnight.
In a notification, the ministry stated that in the wake of variations in the international price of petroleum products and improvement in the exchange rate, the government has decided to revise consumer prices.
According to the finance ministry, the new price of petrol is Rs323.38 per litre and Rs318.18 per litre for HSD.
"New prices of petroleum will be effective for next fortnight from October 1," it added.
Two weeks ago, on Friday night, the interim government implemented an upward revision in petrol and high-speed diesel (HSD) prices, with petrol costing Rs331.38 per litre and HSD priced at Rs329.18 per litre, as disclosed by the Ministry of Finance on X (formerly Twitter) after midnight.
This latest increase added Rs26.02 per litre to the petrol price and Rs17.34 per litre to HSD. The decision was motivated by the continuous upward trajectory of global petroleum prices.
It is worth noting that this price adjustment does not impact the rates for kerosene or light diesel oil.
The rationale behind this price revision is rooted in maintaining alignment with existing tax structures and import parity prices, primarily due to currency fluctuations and a slight uptick in international oil prices.