ISLAMABAD: Motorists and transporters across Pakistan are paying less for fuel from today after the federal government reduced the price of petrol by Rs3 per litre and high-speed diesel (HSD) by Rs7 per litre, the second cut in as many days.
According to the notification issued by the Oil and Gas Regulatory Authority (OGRA) on Wednesday, petrol is now priced at Rs335 per litre, down from Rs338, while high-speed diesel will sell at Rs364 per litre, down from Rs371. The new rates took effect on Thursday, November 12.
| Fuel | Old price (Rs/litre) | New price (Rs/litre) | Change |
|---|---|---|---|
| Petrol | 338 | 335 | −3 |
| High-speed diesel | 371 | 364 | −7 |
Two cuts in 48 hours
The latest revision follows a larger reduction announced a day earlier, when petrol was cut by Rs8 per litre and diesel by Rs7 per litre for November 11. Taken together, the two decisions have lowered petrol by Rs11 and diesel by Rs14 per litre within two days.
Prices are now being reviewed every day under a daily pricing mechanism the government introduced in July, which allows changes in international oil prices to reach consumers more quickly. Taxes and duties of about Rs114 per litre on petrol and Rs100 per litre on diesel remain part of the retail price.
Relief measures alongside price cuts
Earlier this month the government also announced an arrangement under which domestic oil refineries will absorb an estimated Rs15 billion in costs over 30 days, a step aimed at keeping pump prices lower for consumers. In addition, a targeted fuel subsidy scheme for qualifying vehicle owners remains in place, with the government saying it has allocated Rs75 billion for the programme.
What it means for consumers
Diesel received the bigger cut, which matters for the wider economy because it powers trucks, buses, tractors and goods transport. Lower diesel prices can ease freight and public transport costs and, over time, help keep food and other prices in check.
- Motorcyclists and car owners benefit directly from cheaper petrol at the pump.
- Farmers using tractors and tube-wells gain from the lower diesel rate.
- Transporters face lower running costs, which can support stable fares.
Global oil prices have eased in recent days amid hopes of de-escalation in the Middle East, giving the government room to pass relief on to consumers.
Because prices are now set daily, further changes – up or down – are possible depending on movements in global crude oil prices and the exchange rate. Consumers are advised to check the latest OGRA notification before planning large fuel purchases for vehicles or businesses.
NEN Agency will continue to update readers on fuel price changes. See also: today’s dollar rate and gold price in Pakistan today.
Featured image: Photo: Latif Hyder Wadho / Wikimedia Commons, CC BY 3.0
