Motorists across Pakistan are paying less for fuel again today, after the regulator announced a fourth straight daily cut that applies to Friday, November 6 only.
Under the revised rates, petrol now costs Rs352.59 a litre, down Rs9.41 from Rs362.00, while high-speed diesel has fallen Rs5.56 to Rs382.25 a litre from Rs387.81. The changes are set out in a notification issued on Thursday by the Oil and Gas Regulatory Authority (OGRA), under the daily pricing system approved by the federal government.
Thursday’s reduction is the fourth cut in as many days, extending a run of daily revisions that has steadily brought pump prices down this week. Yesterday’s post on this site covered the November 5 rates, when petrol stood at Rs362.00 and diesel at Rs387.81; those figures have now been superseded and should not be used as today’s prices. Read the November 5 rates here.
According to Dawn’s report on the latest notification, taxes and duties within the pump price have not changed, remaining at Rs114 a litre on petrol and Rs100 a litre on diesel. The latest adjustment is linked instead to movements in international prices, Platts benchmarks, premiums and other incidental costs.
The report also says refineries are contributing to the petroleum levy under a 30-day arrangement worth a cumulative Rs15 billion, a step that allows a Rs14.71 reduction in the petrol price at the consumer end.
OGRA has begun publishing its daily prices on its own website, a step officials say is meant to pass movements in world oil markets on to consumers more quickly and to make the process more transparent. The daily system replaced an earlier weekly cycle and was introduced in July, when renewed tension between the United States and Iran increased volatility in international markets.
Because the new rates are valid for November 6 only, drivers and transport operators should expect a fresh revision for the following day. The daily mechanism means prices can move up as well as down, depending on how global benchmarks and related costs shift overnight.
