KARACHI: Pakistan slightly reduced petrol and diesel prices with effect from Friday, but both fuels remain about 46 percent more expensive than before the US–Iran war began in February, underscoring the continuing cost of the conflict for motorists.

Petrol fell by Rs0.84 ($0.003) to Rs389.28 ($1.40) per liter, while diesel declined by Rs2.63 ($0.009) to Rs412.12 ($1.48), according to a petroleum ministry notification. Compared with prices immediately before the war, petrol is still about 46 percent higher and diesel about 47 percent higher.

Pakistan imports much of its fuel and has been exposed to rising oil prices and disruptions to shipping through the Strait of Hormuz since US and Israeli strikes on Iran began on Feb. 28. Fuel prices surged in March and April, eased when regional tensions subsided in June, then rose again during the renewed Gulf crisis.

“The change in price is necessitated by global events including changes in Platts rates, premiums, incidentals etc.,” the ministry said, referring to international fuel-price benchmarks and other costs factored into Pakistan’s pricing mechanism.

Friday’s notification did not attribute the small reductions to any particular development in the war. The new rates replace Thursday’s prices of Rs390.12 ($1.40) for petrol and Rs414.75 ($1.49) for diesel.

Before the fighting began, petrol cost Rs266.17 ($0.96) per liter and diesel Rs280.86 ($1.01). Both reached much higher levels in early April before the government rolled back part of the increase. Petrol subsequently fell to about Rs300 ($1.08) in June, then climbed again as the regional energy crisis intensified.

The government this month introduced a targeted fuel relief scheme offering eligible motorcycle and rickshaw users, and owners of cars with engines of up to 800cc, a Rs100 ($0.36) per liter discount on limited quantities of petrol. The subsidy reduces what registered users pay for their allotted fuel.

Friday’s announced rates are the prices before that relief is applied.