ISLAMABAD: The price of petrol has been reduced by Rs 7.06 per litre, bringing the retail price down to Rs 362 per litre. High-Speed Diesel saw a cut of Rs 3.71 per litre, fixing its new rate at Rs 387.81 per litre, down from the previous Rs 391.52 per litre.
Consumers across the country will get relief at the fuel pumps on November 5, as the Oil and Gas Regulatory Authority (OGRA) announced a reduction in the ex-depot prices of petrol and High-Speed Diesel (HSD).
Under a new pricing mechanism announced on Monday for 30 days, oil refineries will contribute to the petroleum levy by bearing a cumulative impact of Rs15 billion, according to the government. This would allow a Rs14.71 reduction in the petrol price at the consumer end.
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For High-Speed Diesel, the price drop reflects international market trends, primarily driven by a decline in the global HSD crack spread, which dropped from USD41.89 to USD38.00 per barrel.
The regulator attributed these adjustments to global developments alongside changes in Platts pricing, premiums, and incidental costs. International benchmark prices of petrol has decreased to USD111.45 per bbl from USD115.49 per barrel, however, premium including freight remained as high as USD25.52 per bbl, while HSD benchmark prices has decreased to USD110.08 per barrel from USD112.20 per bbl.
Reflecting these global shifts, the ex-refinery price of petrol climbed down to Rs 266.35 per litre (previously Rs 274.41). While the import cost of HSD decreased to Rs 279.88 per litre (previously Rs 283.59).
Government levies and fixed profit margins for petrol and HSD remain unchanged. Both fuels carry a Petroleum Levy of Rs 80 per litre, a Climate Support Levy of Rs 5 per litre, and profit margins of Rs 9.98 per litre for dealers and Rs 7.87 per litre for oil marketing companies. The Inland Freight Equalization Margin (IFEM) is sustained at Rs 7.51 per litre for petrol, and Rs 5.08 per litre for HSD.
Copyright Business Recorder, 2026