The federal government on Wednesday slashed the price of petrol by Rs7.06 per litre and that of high-speed diesel (HSD) by Rs3.71 per litre for November 5. According to a notification issued by the Petroleum Division, the price of petrol was fixed at Rs362 per litre, while HSD would cost Rs387.81 per litre for Thursday. The latest revision comes a day after the government reduced the price of petrol by Rs5.45 per litre and that of HSD by Rs3.68 for November 4. Read: Govt cuts petrol price by Rs5.45, HSD by Rs3.68 for Nov 4 On Monday, the government announced that oil refineries would bear a burden of Rs15 billion per month, which would allow petrol to be sold Rs15 cheaper than it was in the global market amid the US-Israeli war on Iran. Read More: Refineries to shoulder Rs15b fuel burden 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. On September 13, 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. 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.