Petrol cut by Rs7.06, diesel by Rs3.71 from November 5 in third daily revision
A PSO petrol station on GT Road — file photo (Wikimedia Commons).
Islamabad: The Oil and Gas Regulatory Authority (OGRA) has issued a notification cutting petroleum prices further. From Thursday, November 5, petrol will become cheaper by Rs7.06 per litre, while high-speed diesel will come down by Rs3.71 per litre. The new rates will apply for November 5 only.
What the new prices will be
Under the notification, petrol will fall from Rs369.06 to Rs362 per litre, while high-speed diesel will drop from Rs391.52 to Rs387.81 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.
Third cut in three days
This is the third price cut inside three days. On Monday, petrol had been cut by Rs3.40 and diesel by Rs7.76, and on Tuesday petrol fell by Rs5.45 and diesel by Rs3.68. Taken together, petrol is now Rs15.91 cheaper and diesel Rs15.15 cheaper per litre than they were before Monday’s revision.
The daily pricing system
The government has moved to daily price-setting under a new mechanism announced on Monday, so that movements in world prices reach consumers without delay. OGRA has also begun publishing daily petroleum prices on its website. According to Business Recorder, oil refineries will bear a cumulative impact of Rs15 billion on the petroleum levy under the 30-day arrangement.
The global factor
According to OGRA, the revision reflects changes in international Platts rates, premiums and other incidentals. World oil prices remain under pressure amid the uncertainty around the US-Israel war on Iran and the outcome of the US midterm elections, and that is feeding through into local prices as well.
