The federal government on Wednesday decreased the price of petrol and high-speed diesel (HSD) by Rs1.93 and Rs4.21 per litre, respectively, for September 24.

According to a notification issued by the Petroleum Division, the price of petrol was fixed at Rs390.12 per litre, while HSD would cost Rs414.75 per litre for Thursday.

The latest revision comes a day after the government decreased the price of petrol by Rs1.7 per litre while reducing the price of HSD by Rs3.12 per litre for September 22.

Read: Govt decreases petrol by Rs1.7, HSD by Rs3.12 for Sept 23

On July 17, the government announced a new pricing mechanism under which petroleum product prices would be reviewed and notified daily, replacing the weekly pricing mechanism, as renewed tensions between the United States and Iran continued to drive volatility in global oil markets and raise concerns over fuel supplies.

Earlier this month, PM Shehbaz announced a special relief scheme offering Rs100 per litre off petrol for motorcycles, three-wheeler rickshaws and cars with engines up to 800cc, in an attempt to shield lower-income consumers from the impact of rising petroleum prices.

Under the proposal, an estimated 11.8 million beneficiaries would be covered. Around 10 million two-wheeler users and 800,000 three-wheeler users would be entitled to relief on 20 litres of fuel per month, translating into a maximum monthly benefit of Rs2,000 per beneficiary.

Another one million users of cars up to 800cc would receive relief on 30 litres per month, providing them with a maximum benefit of Rs3,000 each.

On Sept 17, the government reintroduced austerity and fuel conservation measures amid rising fuel prices, tightening business operating hours and restricting public events.

Under the measures, notified with immediate effect, shops, markets, shopping malls, bazaars, departmental stores, grocery stores, general stores and kiryana shops would close by 9pm throughout the week, according to a notification issued by the Cabinet Division.

Marriage halls, marquees and other commercial venues hosting festive events would close by 10pm, while restaurants, cafes, eateries, food outlets and standalone fruit and vegetable shops would be allowed to operate until 11pm. Takeaway and home delivery services would remain exempt from the timing restrictions.

Global geopolitical developments continue to pose significant risks. International oil prices are influenced by decisions taken by OPEC+, conflicts in the Middle East, sanctions on oil-producing nations, and disruptions in critical shipping routes such as the Strait of Hormuz and the Red Sea. Any interruption in these supply chains can immediately increase crude oil prices and freight costs. Since Pakistan imports the majority of its petroleum requirements, these developments quickly translate into higher domestic fuel prices.

Oil prices rose on Wednesday as Brent crude prices climbed over 3% after five straight sessions of declines, bouncing off a ​near two-week low.

"Saudi Arabia is acting, not waiting," said Phil Flynn, senior analyst at Price Futures Group. "After Houthi hits on the East-West pipeline forced a shutdown of Yanbu loadings, Aramco loaded about 14 million barrels of crude onto seven VLCCs inside the Gulf. Satellite and tracker data showed ​Saudi oil moving through Hormuz, averaging about 2.9 million barrels a day over the last six days, up from roughly 700,000 barrels ​a day in August.

Iranian President Masoud Pezeshkian said at the UN that Tehran would never surrender to the US, but still believes in diplomacy, a day after President Donald Trump threatened to "annihilate" Iran.

The dueling speeches bookended the first US-Iran shuttle talks in months, underscoring the lack of progress ​toward ending the Middle East conflict.