According to a notification issued following federal government approval, the price of petrol has been reduced by Rs3.19 per litre, bringing its new ex-depot price down to Rs329.82 per litre.

The price of high-speed diesel (HSD) has also been reduced by Rs1.50 per litre, lowering its new ex-depot price to Rs382.36 per litre.

The revised prices will come into effect from midnight (August 7) and will remain in force until the next review under the government’s daily fuel pricing mechanism.

The latest revision comes a day after the government increased petrol prices by Rs4.45 per litre to Rs333.01 per litre, while reducing HSD prices by Rs2.00 per litre to Rs383.86 per litre.

Earlier this week, petrol prices were cut by Rs3.39 per litre and HSD by Rs4.07 per litre.

On Monday, the government also reduced petrol prices by Rs4.08 per litre and HSD by Rs2.45 per litre, while on August 1 petrol became cheaper by 12 paise per litre and HSD by 66 paise per litre.

Pakistan replaced its weekly petroleum pricing system with a daily mechanism earlier this year.

Under the revised framework, the Oil and Gas Regulatory Authority (OGRA) calculates ex-depot prices using a rolling seven-day average of international oil prices, exchange rate movements and other cost components before submitting recommendations to the federal government for approval.

Petroleum Minister Ali Pervaiz Malik has said the new mechanism allows domestic fuel prices to reflect changes in global oil markets more quickly while improving transparency in petroleum pricing.