Government cuts petrol, diesel prices again

The government on Monday reduced the price of petrol by Rs5.16 per litre and high-speed diesel (HSD) by Rs7.69, bringing their prices to Rs381.14 and Rs389.27 per litre, respectively.

The revised rates took effect on October 20, 2026, according to a press release issued by the Petroleum Division.

The Oil and Gas Regulatory Authority (OGRA) revised the ex-depot prices under the federal government’s petroleum pricing mechanism.

The Petroleum Division attributed the adjustment to global market developments, including movements in Platts rates, premiums and incidentals.

In the previous revision on Friday, the government had reduced the price of petrol by Rs3.93 to Rs386.30 per litre while keeping the price of diesel unchanged at Rs396.96 per litre.

Oil declines in global market

Meanwhile, global oil prices fell by more than $1 a barrel on Monday as investors booked profits following a rally that had pushed prices to multi-month highs last week.

Investors also monitored conflicts in the Middle East and Ukraine and assessed the impact of US waivers related to sanctions and tariffs affecting Russian exports.

Brent crude futures fell $1.72, or 1.6%, to $108.14 a barrel at 10:27am Eastern Time (1427 GMT), after settling at their highest level since May 19 on Friday.

US West Texas Intermediate (WTI) crude dropped 87 cents, or 0.86%, to $100.54 a barrel after ending last week at its highest level since September 17.