Pakistan reduced petrol by Rs5.45 per litre and high-speed diesel by Rs3.68 per litre on Tuesday, with the new prices taking effect on Wednesday, November 4, according to the Oil and Gas Regulatory Authority.
Petrol powers private transport, rickshaws and small vehicles, while diesel drives heavy transport, power plants and large generators, so both cuts reach household budgets and freight costs at once.
According to the regulator’s notification, petrol will retail at Rs369.06 per litre, down from Rs374.51, while high-speed diesel will cost Rs391.52, down from Rs395.20.
| Fuel | Previous price | Cut | New price from November 4 |
|---|---|---|---|
| Petrol | Rs374.51 per litre | Rs5.45 | Rs369.06 per litre |
| High-speed diesel | Rs395.20 per litre | Rs3.68 | Rs391.52 per litre |
Petroleum Minister Ali Pervaiz Malik told reporters in Islamabad that Prime Minister Shehbaz Sharif had directed maximum relief for low-income groups. Malik stressed that the government would pass on the benefit of any reduction in international petroleum prices to consumers, according to Tribune.
Tuesday’s revision was the second cut in two days. On Monday, the government had reduced petrol by Rs3.40 per litre and diesel by Rs7.76 per litre, according to Aaj English TV.
Dawn reported that international oil prices slid about 2 percent to a three-week low on Tuesday, with Brent futures falling $1.63 to $103.14 a barrel. Markets weighed talks to end the wars in Ukraine and Iran against worries about additional supply disruptions, Dawn reported.
Under a 30-day arrangement announced on Monday, oil refineries will bear a cumulative impact of Rs15 billion to the petroleum levy, which the government said would allow a Rs14.71 reduction in petrol at the consumer end, according to Dawn.
The government continues to levy Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel, Dawn reported.
Jamaat-i-Islami and the government held another round of talks on relief for low-income citizens in petroleum prices and agreed to continue negotiations in the coming days, according to Dawn.
Confirmed so far are the new November 4 prices and the Monday refinery arrangement. What is not yet announced is the size or timing of any next revision, although the petroleum minister has previously said fuel prices would be fixed daily based on international market trends, according to Dawn.
