Petrol will cost Rs391.22 per litre and HSD Rs421.45 per litre under daily pricing mechanism
The federal government on Wednesday increased the price of petrol and high-speed diesel (HSD) by Rs6.88 and Rs5.62 per litre, respectively, for Sept 17.
According to a notification issued by the Petroleum Division, the price of petrol was fixed at Rs391.22 per litre, while HSD would cost Rs421.45 per litre from Thursday.
The latest revision comes after the government increased the price of petrol by Rs4.10 per litre and that of HSD by Rs6.41 per litre for Sept 16.
On July 17, the government announced a new pricing mechanism under which petroleum product prices would be reviewed and notified on a daily basis, replacing the weekly pricing mechanism, as renewed tensions between the United States and Iran continued to drive volatility in global oil markets and raise concerns over fuel supplies.
Prime Minister Shehbaz Sharif on Sunday announced a special relief scheme offering Rs100 per litre off petrol for motorcycles, three-wheeler rickshaws, and cars up to 800cc engine, in an attempt to shield lower-income consumers from the impact of sharply rising petroleum prices.
“In this hour of difficulty, we will not leave the public alone. To alleviate the burden of rising oil prices on users of motorcycles, rickshaws, Qingchis, and small vehicles, a special scheme is being initiated,” said a statement issued by the Prime Minister’s Office (PMO).
Under the proposal, an estimated 11.8 million beneficiaries would be covered. Around 10 million two-wheeler users and 800,000 three-wheeler users would be entitled to relief on 20 litres of fuel per month, translating into a maximum monthly benefit of Rs2,000 per beneficiary.
Another one million users of cars of up to 800cc would receive relief on 30 litres per month, providing them a maximum benefit of Rs3,000 each. The government estimated the monthly fiscal impact of the scheme at Rs24.6 billion – Rs20 billion for two-wheelers, Rs1.6 billion for three-wheelers and Rs3 billion for cars.
