Petrol Price in Pakistan Cut by Rs1.60 to Rs377.71, Diesel Up Rs1.64 Per Litre for October 23: Daily Pricing

The federal government has cut the price of petrol by Rs1.60 per litre and raised the price of high-speed diesel by Rs1.64 per litre for Friday, October 23, 2026, under the new daily fuel pricing mechanism, with the revised rates notified by the Petroleum Division.

Main News Report

Following the latest revision, Geo News' report on the revised rates confirms petrol will be available at Rs377.71 per litre, down from Rs379.31 in the previous revision, while high-speed diesel will cost Rs391.75 per litre, up from Rs390.11. The new ex-depot prices take effect from October 23 and, under the daily pricing framework, prices notified on Friday remain unchanged over Saturday and Sunday.

Business Recorder's breakdown of the revision shows the change came from import costs: average refined petrol prices eased to USD 117.89 per barrel from USD 118.80 on October 22, while high-speed diesel rose slightly to USD 109.47 per barrel from USD 108.54. The ex-refinery price of petrol fell to Rs266.97 per litre from Rs268.57, while the import cost of diesel increased to Rs284.19 from Rs282.55.

Government levies and fixed margins remain unchanged: both fuels carry a Petroleum Levy of Rs80 per litre, a Climate Support Levy of Rs5 per litre, dealer margins of Rs9.98 and oil marketing company margins of Rs7.87 per litre. The Inland Freight Equalisation Margin stays at Rs7.89 per litre for petrol and Rs4.71 for diesel.

Background Context

The revision is the latest under Pakistan's daily fuel pricing mechanism, which the government introduced after weekly reviews could not keep pace with volatility in global oil markets. International crude has been surging: Brent futures have climbed to around USD 111 a barrel, a five-month high, as Houthi attacks on Saudi Arabia stoke fears of wider disruptions to energy supplies from the region — developments covered on PakInsight Hub, where four more people were killed in the latest strikes.

Daily pricing means domestic pump prices now track a seven-day average of international market prices, allowing global movements to be passed on to consumers more quickly. The Oil and Gas Regulatory Authority (OGRA) now issues daily ex-depot prices for petrol and diesel and publishes daily Platts reference prices to improve transparency.

Today's move follows a series of daily adjustments: on Wednesday, the government cut petrol by Rs2.71 per litre for October 22, and earlier raised both fuels for October 21. The fuels have moved in opposite directions in all three revisions.

Reactions and Statements

Petroleum Minister Ali Pervaiz Malik said the daily prices are based on a seven-day average of international market prices, in line with international practice. Dunya News reports the minister's position that the approach follows international practices.

OGRA has stated that price changes are driven by global events, including movements in Platts rates, premiums and incidental costs, according to the regulator's statement carried in the business press.

Why This News Matters

• The modest petrol cut offers some relief to motorists, motorcyclists and rickshaw drivers amid high living costs.
• The diesel increase raises operating costs for goods transport, public transport and agricultural machinery, which run overwhelmingly on diesel.
• Daily pricing ends the old fortnightly and weekly cycles, meaning households and businesses must now watch fuel prices every single day.
• With tanker traffic in the Strait of Hormuz under attack and Brent near five-month highs, the daily mechanism means any further global spike will reach Pakistani pumps within days.

Future Developments

Under the daily mechanism, OGRA will announce fresh ex-depot prices each working day, with the next revision expected on Monday, October 26, since Friday's rates stay fixed over the weekend. The trajectory will depend heavily on international crude: if Houthi attacks on Saudi Arabia and the Hormuz disruptions push Brent higher, further petrol and diesel increases are likely. The federal cabinet has also capped the petroleum levy, so any future levy changes will need Finance Division approval.

Sources

• Geo News — Govt slashes petrol price by Rs1.60, hikes diesel by Rs1.64 per litre
• Business Recorder — Petrol price cut by Rs1.60, HSD's hiked by Rs1.64
• Dunya News — Petrol price drops by Rs1.60, diesel rises by Rs1.64 per litre
• Petroleum Division notification and OGRA daily ex-depot prices

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