The federal government on Monday cut petrol prices by Rs5.16 per litre and high-speed diesel rates by Rs7.69 per litre, effective October 20.
According to a Petroleum Division notification, petrol will now cost Rs381.14 per litre, while high-speed diesel will be available at Rs389.27 per litre.
Under the new cabinet-approved mechanism, Ogra can announce daily ex-depot prices without prior government approval. However, prices notified on Fridays will remain unchanged over the weekend.
According to the government, the move aims to improve transparency and ensure that fluctuations in global oil markets are reflected more promptly in domestic petroleum prices.
Previously, fuel prices were revised fortnightly before the government shifted to weekly reviews amid the Middle East conflict.