The government has announced a petrol price cut of Rs3.19 per litre for Wednesday, October 28, bringing petrol down to Rs376.06, its lowest level so far this month, while high-speed diesel has been raised by Rs2.25 to Rs398.07 per litre.
The new rates were notified by the Petroleum Division and took effect at midnight. Under the daily pricing system, they apply for one day, after which the Oil and Gas Regulatory Authority (OGRA) will work out fresh ex-depot prices for the next day.
New Rates After the Petrol Price Cut
| Fuel | Old Price | New Price | Change |
|---|---|---|---|
| Petrol | Rs379.25 | Rs376.06 | -Rs3.19 |
| High-speed diesel | Rs395.82 | Rs398.07 | +Rs2.25 |
The latest revision follows Tuesday’s increase, when petrol went up by Rs1.54 and diesel by Rs2.16 per litre. Today’s petrol price cut more than wipes out that rise, while diesel has now become more expensive for a second day in a row.
With these changes, diesel now costs Rs22.01 more per litre than petrol, one of the widest gaps between the two fuels this year.
Petrol Falls to Lowest Level of October
October has been a month of sharp swings at the pump. Petrol started the month at Rs387.40 per litre on October 1 and climbed to Rs398.96 by October 9, its highest point of the month. Since then, a series of cuts has pulled it down by Rs22.90, and at Rs376.06 it is now Rs11.34 cheaper than on the first day of the month.
Diesel has followed a different path. It began October at Rs400.35 per litre, eased during the middle of the month and has now climbed back close to its earlier level.
Fuel prices have been revised daily since July, when the government moved away from longer review periods because global oil prices had become too volatile. The daily rate is set under the federal government’s pricing mechanism, which takes into account international oil prices, premiums, the exchange rate and taxes.
How the Petrol Price Cut Affects You
- Motorcyclists and car owners: The petrol price cut brings small relief. A motorcyclist filling 10 litres saves about Rs32, while a car owner filling 40 litres saves about Rs128 compared with Tuesday.
- Transporters and goods carriers: Trucks, buses, tractors and many commercial vehicles run on diesel, so the Rs2.25 increase raises their running costs.
- Consumers: Higher diesel prices usually feed into freight charges and, over time, the prices of food and other goods moved by road.
- Farmers: Diesel is used for tube wells and tractors, so the increase adds to farm costs during the sowing season.
Because rates now change every day, the saving from today’s petrol price cut may not last if global oil prices rise again. Motorists who want to track the rate can check it daily before filling up.
What Happens Next
The next revision is due for Thursday, October 29, and will depend on how international oil prices and the rupee move over the next 24 hours. Global oil markets remain tense because of the conflict in the Middle East, which has kept fuel prices in Pakistan swinging up and down in small steps rather than settling for longer periods.
The State Bank of Pakistan this week raised its policy rate by 50 basis points to 12%, pointing to inflation risks from higher global oil prices, which shows how closely fuel costs are now being watched across the economy.
Read More: Petrol Price in Pakistan Today | Petrol Price Up Re0.88, Now Rs382.02 per Litre
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