The federal government on Thursday increased the price of high-speed diesel (HSD) by Rs3.47 per litre while reducing the price of petrol by 43 paisas for Sept 18.

According to a notification issued by the Petroleum Division, the price of petrol was fixed at Rs390.79 per litre, while HSD would cost Rs424.92 per litre.

The latest revision follows an increase of Rs6.88 per litre in the price of petrol and Rs5.62 per litre in that of HSD.

Read: Govt directs markets to close by 9pm, restaurants by 11pm under fresh austerity measures

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 on Thursday, 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 will 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 will close by 10pm, while restaurants, cafes, eateries, food outlets and standalone fruit and vegetable shops will be allowed to operate until 11pm. Takeaway and home delivery services will remain exempt from the timing restrictions.

The notification also said fuel allocations for official vehicles would be reduced by 50pc for three months.

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The government has imposed a complete ban on the purchase of vehicles of all types. Procurement of durable goods has likewise been prohibited, except for information technology-related purchases. Both restrictions will not apply to development projects.

Earlier this week, Prime Minister Shehbaz Sharif 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.

The government estimated the monthly fiscal impact of the scheme at Rs24.6 billion — Rs20bn for two-wheelers, Rs1.6bn for three-wheelers and Rs3bn for cars.