The federal government has cut the price of petrol by Rs8 a litre and high-speed diesel by Rs7 a litre, with the new rates taking effect from Wednesday, 11 November, the Oil and Gas Regulatory Authority (OGRA) said. Islamabad Post reported the announcement on Tuesday.

Petrol will now sell at Rs338 a litre, down from Rs346, while high-speed diesel falls to Rs371 a litre, down from Rs378, according to OGRA's published table of revised rates. The table, rather than the announcement text, gives the new diesel figure, as AsiaOne noted when it flagged the discrepancy in the release.

Daily pricing to pass on global changes

OGRA has begun publishing petroleum prices daily, so changes in international oil prices can be passed on to consumers more quickly. The federal cabinet approved changes to the pricing mechanism on 30 October, after volatility caused by renewed hostilities in the Middle East.

Under the revised formula, the import price of petrol is worked out from the actual import cost of the relevant PSO cargo, or, where that cost is unavailable, from the premium, incidentals and customs duty of the last available cargo. For local refineries, those elements have been temporarily fixed at their 7 March 2026 levels for 30 days.

From fortnightly to daily reviews

Petroleum prices were previously revised every two weeks. The government moved to a weekly review after the conflict in the Middle East began on 28 February, and has now switched to daily reviews as global oil rates remain volatile.

The cut follows a series of recent reductions. Petrol stood at Rs346 a litre under the 7 November revision, down from Rs352.59, and had been cut to Rs362 a litre on 5 November, as OGRA's notifications tracked movements in international prices.