Pakistan cut petrol by Rs7.06 per litre and high-speed diesel by Rs3.71 per litre for November 5, fixing petrol at Rs362 per litre and diesel at Rs387.81 per litre, according to a notification issued on Wednesday.
Petrol powers private cars, motorcycles and rickshaws, while diesel drives heavy transport, farm machinery and freight, so a cut in both fuels reaches household budgets and transport costs at the same time.
According to the Oil and Gas Regulatory Authority, the ex-depot price of petrol fell from Rs369.06 to Rs362 per litre, while high-speed diesel fell from Rs391.52 to Rs387.81 per litre.
| Fuel | Previous price | Cut | New price from November 5 |
|---|---|---|---|
| Petrol | Rs369.06 per litre | Rs7.06 | Rs362 per litre |
| High-speed diesel | Rs391.52 per litre | Rs3.71 | Rs387.81 per litre |
Wednesday’s revision was the second cut in two days, after the government reduced petrol by Rs5.45 per litre and diesel by Rs3.68 per litre for November 4, and petrol by Rs3.40 and diesel by Rs7.76 for November 3.
Taken together, the two latest revisions have brought petrol down by Rs12.51 per litre and diesel down by Rs7.39 per litre, according to Profit.
On Monday, the government said oil refineries would bear a burden of Rs15 billion per month, which it said would allow petrol to be sold Rs15 cheaper than the global market price, according to Tribune.
OGRA said the revised prices are effective for November 5 only, and it has begun publishing daily petroleum prices on its website so changes in international oil prices reach consumers more quickly, according to Geo News.
International oil prices fell on Wednesday as markets weighed the US-Israeli war on Iran and the outcome of the US midterm elections, Profit reported, with Brent crude down $1.75 to $101.85 a barrel and US West Texas Intermediate down $1.18 to $94.91 a barrel.
Pakistan moved to daily fuel price reviews after a weekly system introduced when the United States and Israel attacked Iran on February 28, a conflict that led Tehran to shut the Strait of Hormuz, according to Geo News.
Confirmed so far are the November 5 prices and the daily review mechanism. What is not yet announced is the size or timing of any next revision, which will depend on international market movements and the next determination under the daily pricing mechanism.
