Govt cuts diesel price by Rs3.12, petrol by Rs1.70 per litre

The government on Tuesday reduced the prices of high-speed diesel (HSD) by Rs3.12 to Rs418.96 per litre and petrol by Rs1.70 to Rs392.05 per litre, effective September 23.

According to a press release issued by the Petroleum Division, the Oil and Gas Regulatory Authority (OGRA) revised the prices under the petroleum pricing mechanism issued by the federal government.

The existing HSD price of Rs422.08 per litre has been reduced to Rs418.96, while the price of motor spirit (petrol) has been cut from Rs393.75 to Rs392.05.

The Petroleum Division said the price changes were necessitated by global developments, including changes in Platts rates, premiums and incidentals.

The revised prices will remain effective till Wednesday, September 23, 2026.

In the previous review, the government had reduced the price of high-speed diesel by Rs1.96 per litre to Rs422.08 per litre, and increased the petrol price by Rs4.61 to Rs393.75 per litre.

Meanwhile, oil prices fell to a two-week low on Tuesday as prospects for Gulf supplies improved, with Iran signalling it could reopen the Strait of Hormuz within seven days and Saudi Arabia set to resume exports from its Red Sea port of Yanbu.

The Brent crude futures November contract was down $2.11, or 2.1%, to $98.23 a barrel at 1151 GMT.

The WTI October contract, which expires on Tuesday, lost $2.48, or 2.59%, to $93.30 a barrel. The more actively traded November contract was down $2.36, or 2.55%, at $90.01 a barrel.

Brent November, WTI October and WTI November futures all touched their lowest levels since September 8.