Petrol and diesel got a little cheaper across Pakistan from Tuesday, November 3, after the government cut petrol by Rs3.40 per litre and high-speed diesel (HSD) by Rs7.76 per litre under a fresh notification from the Oil and Gas Regulatory Authority (Ogra).
The reduction was announced at an Islamabad press conference on Monday evening by Petroleum Minister Ali Pervaiz Malik, alongside Information Minister Attaullah Tarar, even as international oil prices remain elevated because of the ongoing Middle East crisis. According to Dawn and Business Recorder, the two ministers said domestic refineries have agreed to absorb an estimated Rs15 billion a month in costs so that petrol can keep selling at roughly Rs15 per litre below where the rising global market would otherwise push it.
“I am grateful to all the refineries that saw the public is in difficulty,” Minister Malik told reporters, adding that the same refineries had also helped the government absorb a roughly Rs15-per-litre petrol increase that had been due to take effect last Friday.
Malik said the refinery premium, which stood at around $5 a barrel before the current crisis, has now been capped at $20 a barrel, and that the arrangement reflects the extra throughput refineries earned over the past three months. He added that November’s fuel requirements are fully secured, with decisions on December and January supply still to come, and that the government would keep intervening if the Middle East situation worsens further.
| Product | Previous Price (per litre) | New Price (from Nov 3) | Change |
|---|---|---|---|
| Petrol (Motor Spirit) | Rs377.91 | Rs374.51 | Down Rs3.40 |
| High-Speed Diesel (HSD) | Rs402.96 | Rs395.20 | Down Rs7.76 |
This is the second revision in just three days — diesel had risen again in the Oct 31 price update. The quick turnaround reflects a policy shift Ogra adopted in July, under which fuel prices are now reviewed against international market trends on a rolling basis rather than strictly every fortnight, according to Dawn’s reporting.
Information Minister Tarar used the briefing to update the public on the government’s separate fuel relief scheme for motorcycles, rickshaws, and small cars, which PM Shehbaz Sharif launched in September: more than 15 million unique users have now registered, with roughly Rs27 billion allocated so far. Tarar said Pakistan’s broader macroeconomic indicators have stayed largely stable despite the Middle East situation, and both ministers ruled out any fuel shortage.
Separately, Business Recorder reported that the government has reintroduced austerity measures tied to the elevated global oil market — markets are required to close by 9pm, and fuel allocations for official government vehicles have been cut by half for three months.
