Key points

  • The federal government reduced petrol prices by Rs8 and high-speed diesel by Rs7 for November 11, according to an Express Tribune report.
  • The Petroleum Division notification fixed petrol at Rs338 per litre and high-speed diesel at Rs371 per litre for Wednesday, Express Tribune reported.
  • This revision follows an earlier price cut from November 7 to November 10, as reported by Express Tribune.

Motorists across the country will see some relief at fuel stations as petroleum rates drop further, according to an Express Tribune report published on Tuesday. The federal government slashed petrol by Rs8 per litre and high-speed diesel by Rs7 per litre for November 11.

Key Details

According to a notification issued by the Petroleum Division and cited by Express Tribune, the price of petrol was fixed at Rs338 per litre, while high-speed diesel will cost Rs371 per litre for Wednesday. This follows a previous reduction reported by Express Tribune, in which petrol was cut by Rs6.59 per litre and high-speed diesel by Rs4.25 per litre for the period between November 7 and November 10.

Earlier policy measures, as detailed by Express Tribune, included an arrangement where oil refineries would absorb a burden of Rs15 billion per month to keep petrol prices Rs15 below global market rates amid the US-Israeli conflict with Iran. Furthermore, the government shifted from a weekly to a daily pricing mechanism on July 17 to address ongoing volatility and supply concerns in global oil markets driven by renewed tensions between the United States and Iran.

Context and Impact

To cushion lower-income consumers from rising fuel costs, Prime Minister Shehbaz Sharif announced a special relief scheme on September 13 offering Rs100 per litre off petrol for motorcycles, three-wheeler rickshaws, and cars up to 800cc, according to Express Tribune. This initiative aimed to cover approximately 11.8 million beneficiaries, providing monthly relief limits of 20 litres for two and three-wheelers and 30 litres for small cars. In tandem with these economic pressures, the Cabinet Division reintroduced austerity and fuel conservation measures on September 17, enforcing early closing times for markets, businesses, and marriage halls, while exempting takeaway and home delivery services.

Summary and What Next

The ongoing daily price adjustments reflect continuous monitoring of international oil markets by authorities. Further updates regarding fuel pricing schedules will depend on subsequent notifications from the Petroleum Division and evolving global market conditions.