Petrol Cut by Rs2.93 to Rs395.37 Per Litre, Diesel Raised by 61 Paisa in Daily Revision for October 13
ISLAMABAD: The federal government has cut the price of petrol and raised the price of diesel for today, Tuesday, October 13, under the new system of daily fuel price revisions. According to a Petroleum Division notification, petrol has become cheaper by Rs2.93 per litre.
What are the new prices
After the cut, petrol now costs Rs395.37 per litre, down from Rs398.30. High-speed diesel, by contrast, has gone up by 61 paisa per litre and will now sell at Rs396.85 instead of Rs396.24. The rates apply for October 13 only, because prices are now set on a daily basis.
How the prices are worked out
The Oil and Gas Regulatory Authority (OGRA) has issued the new ex-depot prices under the revised mechanism. The Petroleum Division says the changes follow movements in the international market, including Platts rates, premiums and incidental costs. Over the past seven days, the average global price of refined petrol eased slightly to $132.17 per barrel, while diesel rose to $108.43 per barrel — which is why one fuel became cheaper and the other dearer. Government levies, including the Rs80 petroleum levy and the Rs5 climate support levy per litre, and the margins of dealers and oil marketing companies have been left unchanged.
Why prices now change daily
Global oil prices have been swinging sharply amid Middle East tensions, and the government — after first moving from fortnightly to weekly reviews — has now shifted to setting prices every day. Under the new framework, rates are based on the average international prices of the previous seven days, OGRA is authorised to notify daily prices, and the price announced on Friday also holds for Saturday and Sunday. On Monday, Brent crude rose about 2 percent to $106.76 per barrel in the international market, its highest level in nearly two weeks.
