The federal government on Thursday announced another reduction in petroleum prices, lowering petrol by Rs3 per litre and high-speed diesel (HSD) by Rs4 per litre, marking the eighth consecutive decrease in fuel rates.
According to a notification issued by the Oil and Gas Regulatory Authority (Ogra), the revised prices will take effect on Friday, November 13.
Following the adjustment, petrol will cost Rs332 per litre, down from Rs335, while high-speed diesel will be available at Rs360 per litre, compared with the previous rate of Rs364.
Despite the latest reduction, the government continues to collect substantial taxes and duties on petroleum products, amounting to Rs114 per litre on petrol and Rs100 per litre on diesel.
The price adjustment comes amid ongoing government efforts to provide relief to consumers facing elevated fuel costs linked to geopolitical tensions in the Middle East.
Under an arrangement announced on November 2, oil refineries agreed to contribute towards the petroleum levy for 30 days, absorbing a cumulative financial impact of Rs15 billion.
According to the government, the arrangement enables a reduction of Rs14.71 per litre in the petrol price paid by consumers.
The latest revision also follows the introduction of the Prime Minister’s Fuel Relief Scheme on September 17, which was launched nationwide to ease the financial burden on motorists affected by rising petroleum prices.
The subsidy programme covers motorcycle and rickshaw owners, along with motorists using vehicles with engine capacities of up to 800cc.
Meanwhile, international oil prices edged higher on Thursday after recovering from earlier losses, as geopolitical tensions involving the Middle East and Russia counterbalanced concerns over increasing global crude production.
Brent crude futures rose by 65 cents to $93.40 per barrel at approximately 7:25pm Pakistan time, while US West Texas Intermediate crude gained one cent to trade at $86.54 per barrel.
Both benchmark contracts had declined by more than $1 per barrel during early Asian trading and remained on course to record weekly losses.
The fluctuations reflected continuing uncertainty in international energy markets, where geopolitical risks and rising crude supplies have exerted competing pressures on prices.
The latest domestic reduction offers some relief to Pakistani consumers, although petroleum prices remain elevated and continue to be influenced by international oil markets, exchange rate movements and government taxation policies.