Petrol price in Pakistan today: Rs362 after Rs7.06 cut, diesel Rs387.81
Petrol is Rs7.06 cheaper and diesel Rs3.71 cheaper from Thursday, 5 November: the third cut in a row. New rates, why oil fell, and the tax still on each litre.
Petrol in Pakistan costs Rs362 a litre from Thursday, 5 November, down Rs7.06, and high-speed diesel is Rs387.81, down Rs3.71. The Oil and Gas Regulatory Authority (OGRA) notified the new prices on Wednesday evening.
What is new: this is the third cut in a row this week. On Wednesday petrol had dropped to Rs369.06 (our story on that cut), and on Monday night to Rs374.51.
New fuel prices from 5 November
| Fuel | Old price | New price | Change |
|---|---|---|---|
| Petrol | Rs369.06 | Rs362.00 | -Rs7.06 |
| High-speed diesel | Rs391.52 | Rs387.81 | -Rs3.71 |
In three days petrol has come down by about Rs15.91 a litre. For a motorcyclist filling 10 litres a week, that is roughly Rs159 saved per fill-up compared with last weekend.
Why prices fell again
Global oil dropped sharply on Wednesday. Brent crude fell about $4.50, or 4.3%, to around $99 a barrel, its first slip below $100 in weeks, and US crude fell to about $92. Traders were reacting to the Democrats winning control of the US Congress in the midterm elections and what that could mean for the US-Israeli war with Iran, which had kept oil high since spring.
The government is also passing on a deal with refineries. Under a 30-day arrangement announced on Monday, refineries absorb a combined Rs15 billion through the petroleum levy, which the government says allows a Rs14.71 cut in the petrol price for consumers.
How much tax is still in a litre
The government still charges a petroleum levy of about Rs114 a litre on petrol and Rs100 on diesel. That is the main reason petrol is still far above where it was before the war. For context, petrol peaked at Rs458.41 and diesel at Rs520.35 on 3 April.
Petroleum Minister Ali Pervaiz Malik said at a press conference on Tuesday that work is under way to bring a similar relief system to LPG, which many homes now depend on as gas pressure drops in winter.
Prices change daily now
Since 17 July, OGRA sets fuel prices every day based on world oil prices, after the minister cited renewed fighting between Iran and the US. So today’s price can change tonight. Check the rate before you fill up, and expect the price to go back up if oil rebounds.
This is information, not investment advice.
