Petrol cut by Rs5.45, diesel by Rs3.68 from November 4 in second daily revision
A PSO petrol station on GT Road — file photo (Wikimedia Commons).
Islamabad: The Oil and Gas Regulatory Authority (OGRA) issued a notification on Tuesday revising petroleum prices, under which petrol will become cheaper by Rs5.45 per litre from Wednesday, November 4. High-speed diesel will also come down by Rs3.68 per litre, with the new rates taking effect from November 4.
What the new prices will be
Under the notification, petrol will fall from Rs374.51 to Rs369.06 per litre, while high-speed diesel will drop from Rs395.20 to Rs391.52 per litre. These are ex-depot prices, so the price at the pump can vary slightly from city to city depending on the freight margin.
Second change in two days
This is the second price change inside two days. Just a day earlier, on Monday, petrol had already been cut by Rs3.40 and diesel by Rs7.76, effective November 3. Taken together, petrol is now Rs8.85 cheaper and diesel Rs11.44 cheaper per litre than they were before Monday’s revision.
Why prices have come down
According to OGRA, the revision reflects changes in international Platts rates, premiums and other incidentals. World oil prices fell by about 2 percent on Tuesday to a three-week low, as markets weighed talks aimed at ending the wars in Ukraine and Iran against lingering worries about further supply disruptions in both conflicts.
The daily pricing system
The government moved to daily price-setting in July, so that movements in world prices reach consumers without delay. Under that system, fresh rates are announced Monday to Friday, which means tomorrow’s price will depend on the next notification.
Levy talks continue
Separately, talks between the government and Jamaat-i-Islami over the petroleum levy and relief for consumers are still going on. Deputy Prime Minister Ishaq Dar met a JI delegation led by Liaqat Baloch on Tuesday, and both sides agreed to keep consulting in the coming days. The party has put forward six proposals, including abolishing the petroleum levy, and has warned that if no substantial relief comes, it will march from Multan to Islamabad in mid-November.
