The federal government has raised the price of petrol by Rs1.19 per litre while reducing the price of High-Speed Diesel (HSD) by Rs1.91 per litre, with the revised rates taking effect from Wednesday.
Following the latest adjustment, petrol will sell for Rs394.83 per litre, while HSD has been set at Rs395.85 per litre, according to a notification issued by the Petroleum Division on Tuesday.
The government currently collects Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel.
Fuel prices remain significantly higher than levels seen before the outbreak of the US-Iran conflict on February 28. HSD, which stood at around Rs281 per litre before the sharp increases, peaked at Rs520.35 on April 3 before subsequently declining.
Petrol followed a similar pattern, rising from around Rs266 per litre in early March to Rs458.41 on April 3, before easing to its current level.
International oil prices also moved higher on Wednesday amid renewed supply concerns. Brent crude rose 1.04% to $101.63 a barrel, while US West Texas Intermediate gained 0.89% to reach $90.24 a barrel.
The government has introduced austerity measures in response to elevated fuel costs linked to the continuing Middle East conflict. These include requiring markets to close by 9pm and cutting fuel allocations for official vehicles by 50% for three months.
Prime Minister Shehbaz Sharif also announced a relief scheme on September 13 aimed at cushioning the impact of higher fuel prices for motorcycle and auto-rickshaw users, as well as owners of vehicles with engines up to 800cc.