Pakistan fuel prices cut again as government lowers petrol, diesel rates from Nov. 4
Pakistan is reducing retail fuel prices again from November 4, extending an earlier round of cuts as global oil prices weaken. Petrol is being lowered by Rs5.45 per litre to Rs369.06, while diesel is being cut by Rs3.68 per litre to Rs391.52 under the federal pricing mechanism.
Highlights
- Pakistan cuts petrol price by Rs5.45 to Rs369.06 per litre and diesel by Rs3.68 to Rs391.52 per litre effective November 4.
- Previous adjustment on Monday reduced diesel by Rs7.76 to Rs395.20 per litre and petrol by Rs3.40 to Rs374.51 per litre.
- Global crude prices fell about 2% to a three-week low, enabling further domestic fuel rate cuts in Pakistan.
Revised fuel rates take effect on November 4
As reported by Business Recorder, citing the Oil and Gas Regulatory Authority, the revised ex-depot prices of petroleum products are being set under the federal government’s petroleum pricing mechanism.The new notification puts petrol at Rs369.06 per litre after a cut of Rs5.45, while high-speed diesel is being reduced by Rs3.68 to Rs391.52 per litre.
This follows another adjustment announced on Monday, when the government reduced the price of high-speed diesel by Rs7.76 to Rs395.20 per litre and cut petrol by Rs3.40 to Rs374.51 per litre.
Global oil market weakness shapes local pricing
International oil prices are sliding, helping create room for lower domestic fuel rates in Pakistan.Global crude prices fall about 2% to a three-week low on Tuesday in volatile trading as markets weigh talks to end the wars in Ukraine and Iran against concerns over additional supply disruptions after recent attacks linked to both conflicts. Investors are also watching the U.S. midterm elections, with opinion polls and nonpartisan analysts indicating Democrats are favored to take control of the House of Representatives from Republicans, while control of the Senate remains uncertain.
Our earlier article on the surge in crude oil shipping costs explained how conflict-driven risks are pushing tanker rates and insurance higher, making freight a much larger component of the delivered oil price. We noted that longer rerouting around key chokepoints and tighter vessel availability can translate into higher costs for refiners and import-dependent markets, feeding through from crude logistics into prices at the pump and broader consumer inflation.
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