Petrol Price Cut by Rs2.71 to Rs379.31 Per Litre, Diesel Raised by 31 Paisa as New Rates Take Effect October 22

ISLAMABAD: The daily price review brought a small relief at the pump and a small pinch for freight on Thursday. Under a Petroleum Division notification, the petrol price cut is Rs2.71 per litre, taking petrol down from Rs382.02 to Rs379.31. High-speed diesel moved the other way, rising 31 paisa from Rs389.80 to Rs390.11 per litre. The new rates took effect on October 22, a day after petrol and diesel had both been nudged up, by 88 paisa and 53 paisa respectively.

Global prices drove the change

OGRA said the adjustment followed movements in Platts rates, premiums and incidental import costs. Average refined petrol prices eased from $120.35 to $118.80 per barrel, while diesel inched up from $108.34 to $108.52. In import-cost terms, petrol’s cost fell from Rs271.28 to Rs268.57 per litre, whereas diesel’s rose from Rs282.24 to Rs282.55.

Levies and margins untouched

Taxes and margins were left exactly where they were. Both fuels still carry a petroleum levy of Rs80 per litre and a climate support levy of Rs5, with dealer margins of Rs9.98 and oil marketing company margins of Rs7.87 per litre. The inland freight equalisation margin stands at Rs7.89 for petrol and Rs4.71 for diesel. Cheaper petrol softens the daily commute a little, but the diesel increase matters more for household budgets in the long run: most goods in Pakistan move by diesel-powered freight, and even a small rise tends to find its way into market prices.