Petrol Price in Pakistan Cut by Rs6.59 to Rs346 in Fifth Straight Reduction

The petrol price in Pakistan has fallen to Rs346 per litre after the government cut it by Rs6.59, the fifth reduction in a row. High-speed diesel (HSD) is now Rs4.25 cheaper at Rs378 per litre. The new rates took effect on Saturday, 7 November, and will apply until 10 November, according to the Petroleum Division and the Oil and Gas Regulatory Authority (Ogra).

The cut brings petrol below Rs350 for the first time since 7 September, The Express Tribune reported. It follows a larger reduction a day earlier, when petrol fell by Rs9.41 and diesel by Rs5.56.

New petrol price in Pakistan at a glance

Petrol: Rs346 per litre, down Rs6.59
High-speed diesel: Rs378 per litre, down Rs4.25
Valid: 7 to 10 November 2026

The rates cover four days instead of one because of the public holiday on 9 November, Dawn reported. Ogra has been setting fuel prices daily since 17 July, when the government replaced weekly reviews. It made that switch after renewed fighting between the US and Iran shook global oil markets.

Why fuel is getting cheaper

Several factors are behind the latest cuts. First, prices are linked to the global oil market, which has eased from its peak earlier this year. Brent crude settled at $98.32 a barrel on Friday, Arab News reported. That is still high by historical standards, but far below the spike seen in spring.

Second, the government has asked oil refineries to share the burden. Under an arrangement announced on 2 November, refineries will absorb around Rs15 billion a month. According to The Express Tribune, this allows petrol to be sold about Rs15 a litre below the global market rate.

In addition, diplomatic efforts between the US and Iran, mediated by Qatar, have calmed markets to some extent, Arab News noted. Even so, the situation remains tense, with the US reporting fresh limited strikes on Iran.

A long way down from April’s peak

Pakistani motorists have faced a turbulent year. Petrol was about Rs266 per litre in early March, shortly after the US-Iran war began on 28 February. It then climbed to a record Rs458.41 on 3 April, Dawn reported. Diesel also peaked on the same day, at Rs520.35 per litre.

Since then, prices have come down in stages. Petrol is now around Rs112 per litre cheaper than its April high. Diesel has fallen by about Rs142 per litre over the same period.

However, taxes remain a large part of the price. The government collects about Rs114 per litre in taxes and duties on petrol and about Rs100 on diesel, according to Dawn.

Relief at the pump, pressure elsewhere

The cuts offer some relief to households and transporters. Still, the wider cost of living remains a concern. Short-term inflation, measured by the Sensitive Price Indicator (SPI), rose to 12.31 percent year-on-year in the week ending 5 November, Dawn reported. That was up from 11.32 percent a week earlier.

Food and cooking fuel drove much of that rise. Tomatoes jumped by more than 54 percent in one week, while LPG rose 3.72 percent. On the other hand, petrol and diesel prices fell during the week, which helped limit the increase.

Petroleum Minister Ali Pervaiz Malik said on Saturday that LPG availability and fair pricing were among the government’s priorities. Speaking in Islamabad, he added that a new auction system for local LPG output is meant to ensure fair distribution and a stable supply.

Other relief measures still in place

The government’s targeted fuel subsidy also continues. In September, Prime Minister Shehbaz Sharif announced Rs100 per litre off petrol for motorcycles, rickshaws and cars up to 800cc. About 11.8 million people are covered, with monthly limits on how much fuel qualifies.

Meanwhile, austerity measures announced in September remain in force. These include earlier closing times for shops and markets to save energy.

What comes next

Ogra will announce new rates for 11 November onwards. Whether the downward trend continues will depend largely on oil prices and on events in the Gulf. For now, motorists can expect to pay Rs346 for a litre of petrol until Tuesday.