The federal government has reduced petrol and high-speed diesel prices, bringing petrol down by Rs5.45 per litre and diesel by Rs3.68, according to an official notification issued following approval by the Oil and Gas Regulatory Authority (OGRA).
Under the revised rates, petrol will cost Rs369.06 per litre, while the new price of high-speed diesel (HSD) stands at Rs391.52 per litre.
The new prices will take effect on November 4, according to the Ministry of Petroleum’s notification.
Government Continues Daily Fuel Price Adjustments
The government has been revising petroleum product prices daily amid the ongoing Middle East crisis and uncertainty surrounding international fuel supplies.
Prices remain unchanged on Saturdays and Sundays under the current arrangement.
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The latest reduction follows an earlier adjustment in which the government cut petrol prices by Rs3.40 per litre and high-speed diesel by Rs7.76 per litre.
At that time, petrol was priced at Rs374.51 per litre, while diesel cost Rs395.20 per litre.
New Petrol Pricing Formula Introduced
Meanwhile, Pakistan’s Petroleum Division has instructed oil refineries to follow a revised formula for determining petrol prices as tensions between Iran and the United States continue to affect fuel supplies.
The division issued letters to refineries after the federal cabinet approved the changes on Friday.
Under the new mechanism, petrol’s import price will be calculated using the actual import cost of the relevant Pakistan State Oil (PSO) cargo.
If the actual cost is unavailable for daily pricing, authorities may use the premium, incidental expenses and customs duty recorded for the most recent available cargo.
The revised mechanism is intended to link petrol pricing more closely to actual import costs as the government continues to adjust domestic fuel rates amid international market uncertainty.
