A day's relief did not last long. The federal government on Tuesday raised the price of petrol by 88 paisas and high-speed diesel by 53 paisas per litre for Wednesday, October 21, according to sources.
Under a Petroleum Division notification, petrol will sell at Rs382.02 a litre and high-speed diesel at Rs389.80 a litre on Wednesday.
The increase comes just a day after the government cut petrol by Rs5.16 and diesel by Rs7.69 per litre for October 20, clawing back part of that relief.
On July 17 the government replaced weekly pricing with a daily review of petroleum prices, as US-Iran tensions kept global oil markets volatile.
According to the report, Brent crude eased on Tuesday after touching a five-month high, trading around $108.72 a barrel, as traders weighed a meeting between Iran's president and Pakistan's army chief, a key US-Iran mediator, against continued Houthi attacks on Saudi infrastructure and reports of attacks on vessels in the Gulf.
Because Pakistan imports most of its petroleum, disruptions in global prices and shipping routes feed quickly into domestic fuel prices.
On September 13, Prime Minister Shehbaz Sharif announced Rs100 a litre off petrol for motorcycles, rickshaws and cars up to 800cc, covering an estimated 11.8 million people, with relief on 20 litres a month for two- and three-wheelers and 30 litres for small cars.