The federal government has cut the price of petrol by Rs5.45 per litre and the rate of high-speed diesel (HSD) by Rs3.68 per litre, according to a notification issued on Tuesday.
Following the reduction, petrol will be sold at Rs369.06 per litre, while the price of high-speed diesel has been decreased to Rs391.52 per litre.
According to a notification issued by the Oil and Gas Regulatory Authority (OGRA), the revised rates will remain effective until November 4.
Ogra has also begun publishing daily petroleum prices on its website to improve transparency and allow changes in international oil prices to be passed on to consumers more quickly.
Amid volatility in global oil rates on the back of renewed hostilities in the Middle East, the government 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, reviving fears of full-scale war and disrupting energy flows through the Strait.
Previously, the petroleum rates were revised fortnightly.
