Pakistan’s federal government has lowered petrol and diesel prices for the third consecutive time, approving new rates on Wednesday after receiving recommendations from the Oil and Gas Regulatory Authority (OGRA). Petrol will now cost Rs362 per litre after a reduction of Rs7.06, while high-speed diesel (HSD) has been cut by Rs3.71 to Rs387.81 per litre.
The revised rates take effect from Wednesday night and will remain in place until the next review. The government said it is continuing to track movements in international oil markets.
| Product | Previous | New | Change |
|---|---|---|---|
| Petrol (per litre) | Rs 374.513 Nov 2026 | Rs 369.06from 4 Nov 2026 | ▼ Rs 5.45 (−1.46%) |
| High-Speed Diesel (per litre) | Rs 395.203 Nov 2026 | Rs 391.52from 4 Nov 2026 | ▼ Rs 3.68 (−0.93%) |
Source: OGRA notified prices. Data: OilPrices.pk, CC BY 4.0. Prices are maximum ex-depot rates; retail pumps may differ slightly.
Global crude benchmarks fall sharply
Meanwhile, international oil prices dropped sharply. US benchmark West Texas Intermediate (WTI) crude fell 4.19 per cent to $92.06 per barrel, while Brent crude declined 4.38 per cent to $99.06. Murban crude, another key benchmark, slid $1.27 to $100.90 a barrel. Natural gas futures, however, rose 1.04 per cent to $2.925.
Also read: Petrol price cut by Rs5.45 as OGRA raises diesel rate · Petrol and Diesel Prices Rise as OGRA Issues New Notification
In the previous revision, petrol was reduced by Rs5.45 per litre to Rs369.06, and diesel by Rs3.68 to Rs391.52 per litre. Future domestic price changes will depend on the international market and the government’s next pricing review.
Petroleum minister sets refinery premium cap
Petroleum Minister Pervaiz Malik said the government has set a maximum petroleum premium of $20 per barrel for local refineries. Before the crisis, that premium stood at around $5 per barrel.
Malik warned that the government would have to intervene if any sector sought excessive profits during the crisis and passed the burden on to consumers. He said the government would seek to resume its deregulation policy once conditions normalised and petrol import premiums returned to the $15-$20 per barrel range.
Long-term goal of competition and cheaper fuel
Malik said the government’s long-term objective is to promote competition in the petroleum sector, which he linked to better services and cheaper fuel for consumers. He added that consultations with refineries would continue to address their concerns.
He said the measures were taken while considering rising international fuel prices, Pakistan’s economic constraints and its commitments to the International Monetary Fund (IMF).
