The federal government has cut the petrol price by Rs8 per litre, to Rs338, and the high-speed diesel (HSD) price by Rs7, to Rs371, according to a government notification. Before the latest revision, petrol was Rs346 a litre and diesel Rs378. It is the sixth straight reduction in this round of cuts, which began on November 2.
How the latest cut fits the series
The Petroleum Division revises fuel prices under a mechanism approved by the federal government. The formula takes into account international oil prices, Platts rates (widely used oil price assessments), premiums and other associated costs. The latest figures were set through that same process, so domestic prices move as the international market shifts.
Before this revision, the government announced a run of reductions starting on November 2. Petrol fell by Rs3.40 that day, by Rs5.45 on November 3 and by Rs7.06 on November 4. The largest single cut came on November 6, when the petrol price dropped by Rs9.41 to Rs352.59 per litre.
Timeline: what has happened so far
- November 2: petrol cut by Rs3.40 to Rs374.51; HSD cut by Rs7.76 to Rs395.20.
- November 3: petrol cut by Rs5.45 to Rs369.06; diesel cut by Rs3.68 to Rs391.52.
- November 4: petrol cut by Rs7.06 to Rs362; HSD cut by Rs3.71 to Rs387.81.
- November 6: petrol cut by Rs9.41 to Rs352.59; diesel cut by Rs5.56 to Rs382.25.
- November 7: petrol cut by Rs6.59 to Rs346; HSD cut by Rs4.25 to Rs378.
- Latest revision: petrol cut by Rs8 to Rs338; HSD cut by Rs7 to Rs371.
Oil markets and what comes next
International oil prices fell about 2% on Tuesday, reaching two-month lows after US officials played down the need for further military action against Iran. The move eased concern about supply disruptions in the Middle East. Brent crude, the international benchmark, fell $1.93 to $90.64 a barrel, and US West Texas Intermediate crude dropped $1.44 to $85.41.
Both benchmarks were on track for their lowest closes since August 28, after settling at their lowest levels since August 31 on Monday. Because domestic prices follow the international market, the next revision will depend on how oil prices move from here.
Aasan alfaaz mein
Government ne petrol ki qeemat 8 rupay kam karke Rs338 fi litre aur diesel ki qeemat 7 rupay kam karke Rs371 fi litre kar di hai. Yeh lagatar chhathi katauti hai, aur yeh faisla international oil ki qeemat girne ke baad hua hai. Agar aap motorcycle ya gaari chalatay hain to pump par kuch paisay bachenge. Aage qeematein dobara oil market ke hisaab se badal sakti hain.
