ISLAMABAD – Pakistan announced fresh cuts in petrol and diesel prices for November 3, 2026, as the government says oil refineries will shoulder an estimated Rs15 billion monthly burden to cushion consumers against soaring international fuel costs.
Petrol has been reduced by Rs3.40 per litre to Rs374.51, while high-speed diesel has been cut by Rs7.76 per litre to Rs395.20.
The previous prices stood at Rs377.91 for petrol and Rs402.96 for diesel. OGRA said the revised ex-depot rates were calculated under the federal government’s prescribed pricing mechanism and would replace those introduced on October 31.
The adjustment provides modest relief to motorists, with the larger reduction benefiting diesel consumers, including freight operators and farmers who rely on the fuel to run agricultural machinery.
Alongside the price announcement, the government outlined a refinery-backed arrangement that it said would keep petrol approximately Rs15 per litre below the price that prevailing international costs would otherwise require.
Speaking at a press conference in Islamabad on Monday, Petroleum Minister Ali Pervaiz Malik said the arrangement would cost domestic refineries roughly Rs15 billion each month. Information Minister Attaullah Tarar also attended the briefing.
Malik said Prime Minister Shehbaz Sharif had held consultations with refinery representatives to identify ways of limiting the impact of rising oil prices amid the US-Israeli war on Iran. Those discussions, he said, helped the government prevent an anticipated petrol price increase of around Rs15 per litre on Friday.
The petroleum minister said refineries had raised their processing volumes with government assistance and generated profits from the increased output during the preceding three months. With consumers facing mounting pressure, the government asked the industry to contribute towards keeping fuel affordable.
According to Malik, the refineries accepted the request, enabling the government to hold back the proposed increase. He thanked them for cooperating with the relief effort and said consumers could expect further improvement.
The minister added that rising international prices had also complicated the government’s efforts to procure oil, placing pressure on both public finances and household budgets.
