Govt raises diesel price, cuts petrol price for Oct 23

The government has increased the price of high-speed diesel (HSD) by Rs1.64 per litre and reduced the petrol price by Rs1.60 per litre, effective October 23, 2026.

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

Following the revision, the price of diesel has increased from Rs390.11 to Rs391.75 per litre, while petrol has become cheaper, falling from Rs379.31 to Rs377.71 per litre.

The latest adjustment follows Wednesday’s revision, when the government reduced petrol price by Rs2.71 to Rs379.31 per litre and increased the price of diesel by 31 paisa to Rs390.11 per litre.

Global oil prices surge

International oil prices climbed about 2% on Thursday, reaching a five-month high as Houthi attacks in Saudi Arabia fuelled concerns about further disruptions to energy supplies from the key exporting region.

Brent crude futures rose $2.42, or 2.2%, to $111.24 a barrel at 10:45am EDT (1445 GMT), while US West Texas Intermediate (WTI) crude gained $1.14, or 1.2%, to $98.29 a barrel.

Brent entered technically overbought territory for the third time in a week and was on track for its highest close since May 18.