The price of petrol has been cut by Rs2.20 per litre, bringing its new price to Rs327.62 per litre.

The price of high-speed diesel has also been reduced by Rs1.50 per litre, taking its new price to Rs380.86 per litre.

According to the Petroleum Division’s notification, the new prices will apply from August 8 to 10.

The latest reduction comes amid a series of frequent adjustments in petroleum prices under the government’s daily pricing mechanism.

Before that, the government had increased petrol prices by Rs4.45 per litre to Rs333.01, while reducing the HSD price by Rs2 per litre to Rs383.86.

On Tuesday, petrol prices were cut by Rs3.39 per litre and HSD by Rs4.07 per litre.

On Monday, the government had reduced petrol and HSD prices by Rs4.08 and Rs2.45 per litre, respectively.

Earlier, on August 1, petrol became cheaper by 12 paise per litre and HSD by 66 paise.

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

Under the new 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 its recommendations to the federal government for approval.

The daily pricing mechanism is designed to allow domestic fuel prices to respond more quickly to changes in international oil markets and other cost factors.