Petrol Price Cut by Rs2.71 for October 22 as Diesel Inches Higher

ISLAMABAD: Motorists in Pakistan received some relief at the pump after the federal government reduced petrol prices by Rs2.71 per litre for October 22, bringing the new rate to Rs379.31. High speed diesel moved in the other direction, rising slightly to Rs390.11 per litre.

The Oil and Gas Regulatory Authority revised the ex depot rates under the country’s regular pricing mechanism. The adjustment reflected international trends, including shifts in Platts quotations, premiums and other incidental costs.

The petrol reduction comes as crude supplies from the Middle East improve. Oman crude’s premium over Dubai fell to about $4.22 a barrel this week, the lowest since late July and a sharp pullback from roughly $30 in mid September. Producers have accelerated shuttle shipments through the Strait of Hormuz and increased ship to ship transfers in the Gulf of Oman, lifting the availability of spot cargoes.

Transport and freight costs remain a watch point, but for now the lower petrol price offers consumers a modest break at a time when household budgets are under pressure.