Govt cuts petrol price, keeps diesel unchanged

The government on Friday reduced the price of petrol by Rs3.93 to Rs386.30 per litre while keeping the price of high-speed diesel (HSD) unchanged at Rs396.96 per litre.

The revised prices will take effect from October 17 and remain in force until October 19, 2026.

According to a press release issued by the Petroleum Division, the Oil and Gas Regulatory Authority (OGRA) revised the ex-depot prices of petroleum products under the federal government’s petroleum pricing mechanism.

The Petroleum Division attributed the revision to global developments, including changes in Platts rates, premiums and incidentals.

The latest adjustment will remain effective for three days, covering the weekend.

On Wednesday, the government had reduced the price of petrol by Rs3.63 to Rs390.23 per litre while increasing the price of HSD by Re0.31 to Rs396.96 per litre.

Oil prices steady in global market

Meanwhile, global oil prices steadied on Friday and were heading for weekly gains amid uncertainty over Middle East supplies and a larger-than-expected drawdown in US crude inventories.

However, European diesel margins declined following an International Energy Agency (IEA) move to release additional diesel supplies.

Brent crude futures rose by 36 cents, or 0.34%, to $106.28 per barrel, while US West Texas Intermediate (WTI) crude futures fell by 19 cents, or 0.19%, to $97.78 per barrel at 1107 GMT.