Petrol and high-speed diesel prices have been cut nationwide. The Oil and Gas Regulatory Authority (OGRA) reduced petrol by Rs7.06 a litre to Rs362 and high-speed diesel by Rs3.71 to Rs387.81 a litre, with the new ex-depot rates effective from November 5.
According to the government, the petrol cut follows a new pricing mechanism under which oil refineries will absorb a cumulative Rs15 billion impact on the petroleum levy to ease the burden on consumers. The diesel reduction was linked to a fall in the global HSD crack spread.
Government levies and fixed dealer and oil marketing company margins were left unchanged. Both fuels still carry an Rs80-a-litre petroleum levy and a Rs5 climate support levy.