ISLAMABAD: Consumers across the country will get relief at the fuel pumps starting November 3, as the Oil and Gas Regulatory Authority (OGRA) announced a reduction in the ex-depot prices of petrol and High-Speed Diesel (HSD).
Under the newly notified rates, the price of petrol has been reduced by Rs3.40 per litre, bringing the retail price down to Rs374.51 per litre. HSD saw a larger cut of Rs7.76 per litre, fixing its new rate at Rs395.20 per litre, down from the previous Rs402.96.
According to official details, the relief in petrol prices was made possible by a Rs14.71 per litre reduction in the petroleum levy collected through refineries, alongside a Rs65.29 per litre charge managed via Oil Marketing Companies (OMCs) to maximise savings for end-consumers. The retail-stage petroleum levy remains fixed at Rs80 per litre.
For HSD, the price drop reflects international market trends, primarily driven by a decline in the global HSD crack spread, which dropped from USD 41.89 to USD 38.00 per barrel.
The regulator attributed these adjustments to global developments alongside changes in Platts pricing, premiums, and incidental costs. International benchmark prices of petrol decreased to USD 118.62 per bbl from USD 120.56 per barrel, however, premium including freight remained as high as USD 25.52 per bbl, while HSD benchmark prices decreased to USD 114.31 per barrel from USD 115.75 per bbl.
Reflecting these global shifts, the ex-refinery price of petrol climbed down to Rs278.86 per litre (previously Rs282.26). While the import cost of HSD decreased to Rs287.27 per litre (previously Rs295.03).
Government levies and fixed profit margins for petrol and HSD remain unchanged. Both fuels carry a Petroleum Levy of Rs80 per litre, a Climate Support Levy of Rs5 per litre, and profit margins of Rs9.98 per litre for dealers and Rs7.87 per litre for oil marketing companies. The Inland Freight Equalisation Margin (IFEM) is sustained at Rs7.51 per litre for petrol, and Rs5.08 per litre for HSD.
For the next 30 days, refineries will be entitled to an ex-refinery price calculated by fixing the premium, incidentals and customs duty at the levels applicable on March 7, 2026, before the war. Ex-refinery price is the rate at which an oil refinery sells petroleum products to oil marketing companies before the addition of government taxes, duties, dealer commissions and other distribution costs.
Copyright Business Recorder, 2026
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