Government reduces petrol, diesel prices

The government has reduced the price of high-speed diesel (HSD) by Rs7.76 per litre to Rs395.20 from Rs402.96 and petrol by Rs3.40 per litre to Rs374.51 from Rs377.91, effective November 3, 2026.

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

The reduction marks the first cut in petrol prices after the rate had remained unchanged at Rs377.91 per litre in the recent revision on Friday.

OGRA said the price adjustments were necessitated by global developments, including changes in Platts rates, premiums and incidentals.

On Friday, the government increased the price of diesel by Rs2.29 per litre to Rs402.96 from Rs400.67, while keeping petrol unchanged at Rs377.91 per litre.

Oil falls in international market

Meanwhile, international oil prices fell around 6% on Monday as talks between Iranian and Qatari officials on ending the US-Israeli war with Iran raised hopes of easing supply disruptions in the Middle East.

Iran’s president also said the supreme leader had granted the government “certain authorities” regarding peace talks.

Brent crude futures fell $6.78, or 6%, to $106.65 a barrel by 1357 GMT, while US West Texas Intermediate crude declined $6.37, or 6.1%, to $97.75 a barrel.