Petrol Price in Pakistan Cut by Rs9.41: New Rates From Today

Petrol price in Pakistan has fallen to Rs352.59 per litre from Friday, November 6, after the Oil and Gas Regulatory Authority announced a cut of Rs9.41 per litre, the fourth reduction in a row. High-speed diesel has also become cheaper, falling by Rs5.56 per litre to Rs382.25, in a move that brings relief to motorists, transporters and businesses across the country.

The Oil and Gas Regulatory Authority, known as OGRA, issued a notification on Thursday evening announcing the revised ex-depot prices under the petroleum products pricing mechanism approved by the federal government. The new rates take effect from November 6 and replace the prices that were in force on November 5. The announcement came hours after global oil prices fell sharply, and it follows a cut of Rs7.06 per litre in petrol and Rs3.71 per litre in diesel announced only a day earlier.

Petrol price in Pakistan has now been cut four days in a row, a rare run of relief for consumers who have faced high fuel costs for much of the year. The back-to-back reductions reflect a sharp fall in international oil prices and a change in the way Pakistan sets domestic fuel prices, with OGRA now reviewing rates every day instead of twice a month.

Petrol Price in Pakistan: New Rates From November 6

From November 6, petrol will be sold at Rs352.59 per litre, down from Rs362.00, while high-speed diesel will cost Rs382.25 per litre, down from Rs387.81. Petrol is down Rs9.41 per litre and diesel is down Rs5.56 per litre, according to the OGRA notification.

Taxes and duties remain a large part of the pump price. The government continues to levy Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel, which means the relief at the pump comes from the fall in international prices and the pricing mechanism, not from a cut in taxes.

The new rates are ex-depot prices, which form the official basis for petroleum pricing before fuel reaches consumers through the distribution and retail network. Retail prices in different cities can vary slightly because of freight and dealer margins, but the ex-depot rate is the reference point for the whole country.

Fourth Cut in a Row as Daily Review Begins

The latest cut is the fourth consecutive reduction in fuel prices, and it comes as Pakistan moves towards a daily fuel price review mechanism. Petroleum Minister Ali Pervaiz Malik said the cabinet and the prime minister had decided to give OGRA the responsibility of deciding fuel prices on a daily basis, based on international market trends. The aim is to pass changes in international oil prices on to consumers more quickly, instead of waiting for the fortnightly review.

OGRA has also begun publishing daily petroleum prices on its official website to improve transparency. Under an arrangement announced on Monday for 30 days, oil refineries will contribute to the petroleum levy by bearing a cumulative impact of Rs15 billion, according to the government.

One detail matters for motorists planning their week: the government has been revising petroleum prices daily in response to developments in the Middle East, while keeping rates unchanged on Saturdays and Sundays. That means the November 6 rates will stay in force over the weekend, with the next review expected on Monday.

Why Petrol Prices Are Falling

The immediate reason for the cut is the sharp fall in global oil prices. Brent crude settled at $94.62 a barrel on November 4, down 8.7 percent, while US West Texas Intermediate settled at $88.12, down 8.3 percent. It was the lowest level for both benchmarks since August 31, and oil has now fallen for four straight sessions.

The fall followed the results of the United States midterm elections, which raised hopes of a negotiated end to the conflict with Iran. Markets read the outcome as a signal that pressure for a settlement would grow, and traders moved quickly to price in the possibility of more oil supply returning to the market.

Petrol price in Pakistan is directly linked to these international movements, because the country imports most of its fuel. When Brent falls, OGRA has room to cut domestic prices, and the new daily review system means that room is used within a day instead of a fortnight. The same mechanism would also pass on a rise in global prices quickly, so the relief is tied to how long international prices stay low.

What the Cut Means for Motorists and Transport

For a motorist filling a 40-litre tank, the Rs9.41 cut saves about Rs376 on a full tank compared with the November 5 price. For daily commuters, rickshaw and taxi drivers, and goods transporters, the saving adds up across the week, and lower diesel prices also ease costs for buses, trucks and farm machinery.

Lower fuel prices can also help cool inflation, because transport costs feed into the price of almost everything that moves by road, from vegetables to manufactured goods. The effect is not instant, and much depends on whether the cuts hold, but four reductions in a row give businesses and households a welcome break after months of high fuel costs.

Petrol price in Pakistan will be watched closely in the coming days. If international oil prices keep falling, or even stay where they are, further small cuts are possible under the daily review system. If Brent rebounds, the same system will push domestic prices back up just as fast, so motorists should expect more frequent, smaller changes instead of the big fortnightly jumps of the past.

Petrol Price in Pakistan: Frequently Asked Questions

What is the new petrol price in Pakistan?

Petrol now costs Rs352.59 per litre from November 6, after a cut of Rs9.41 per litre announced by OGRA.

What is the new diesel price?

High-speed diesel now costs Rs382.25 per litre, down Rs5.56 from Rs387.81.

How many times have fuel prices been cut in a row?

This is the fourth consecutive reduction, following a cut of Rs7.06 per litre in petrol and Rs3.71 in diesel a day earlier.

Why are petrol prices falling?

Global oil prices have fallen sharply, with Brent crude down 8.7 percent to $94.62 a barrel, after the US midterm results raised hopes of an end to the conflict with Iran.

How often will fuel prices change now?

OGRA will review prices daily, based on international trends, with rates unchanged on Saturdays and Sundays.