ISLAMABAD: Petrol and diesel prices have been cut for Tuesday, November 3, under the government’s daily petroleum pricing mechanism — but the relief lasts exactly one day, with another price determination due on November 4.
According to a notification from the Oil and Gas Regulatory Authority (OGRA), petrol has been reduced by Rs3.40 per litre, from Rs377.91 to Rs374.51, while high-speed diesel (HSD) has been cut by Rs7.76 per litre, from Rs402.96 to Rs395.20. The revised rates are ex-depot prices, before the freight margin that varies by district, so the price at an individual pump can differ slightly from the notified figure.
The cuts follow a slide in international crude prices, and come with a refinery-backed arrangement the government says is cushioning consumers. Petroleum Minister Ali Pervaiz Malik told a press conference in Islamabad on Monday that domestic refineries would shoulder roughly Rs15 billion a month under the arrangement, which he said keeps petrol about Rs15 per litre below the price prevailing international costs would otherwise require.
The daily pricing mechanism replaced the previous weekly review system on July 17, and OGRA has begun publishing petroleum prices on its website daily. The minister said the daily prices are based on a seven-day average of international market prices. The retail-stage petroleum levy remains fixed at Rs80 per litre, and government levies and fixed profit margins are unchanged.
The previous adjustment, on Friday, had raised diesel by Rs2.29 per litre to Rs402.96 while keeping petrol unchanged at Rs377.91. With a fresh determination due on November 4, today’s lower prices carry no assurance of lasting relief for households, transporters, or farmers who depend on diesel.
Sources: Geo News, Business Recorder, Profit (Pakistan Today), Dunya News, Arab News Pakistan, Daily Pakistan, Pakistan Observer.
