The petrol price in Pakistan for October 23 has been cut by Rs1.60 per litre, bringing it down to Rs377.71, while the price of high-speed diesel has gone up by Rs1.64 to Rs391.75 per litre. The new rates take effect on Friday, October 23, according to a notification from the Petroleum Division.
The government continues to charge Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel, Dawn reported on Thursday night.
Second straight cut for petrol under daily pricing
The latest move marks the second consecutive daily reduction in the petrol price. A day earlier, the government had reduced petrol by Rs2.71 per litre to Rs379.31 and raised diesel by 31 paisas to Rs390.11 for October 22. The back-to-back adjustments show how the daily pricing mechanism passes international market movements to consumers almost immediately.
Petrol is mainly used in private cars, small vehicles, rickshaws and two-wheelers, so its price directly affects the budgets of middle and lower-middle-class households. Diesel, on the other hand, fuels heavy transport, power plants and large generators, which means a hike pushes up freight costs and can feed into the prices of everyday goods.
From record peaks to cautious relief
The current prices are still well below the record peaks seen earlier this year. High-speed diesel touched Rs520.35 per litre on April 3, after climbing from Rs281 when the United States-Iran war broke out on February 28. Petrol peaked at Rs458.41 on April 3, up from Rs266 in the first week of March. Prices stayed volatile through the year, including a Rs3.26 per litre hike earlier in October.
Since July 17, fuel prices have been fixed on a daily basis. Petroleum Minister Ali Pervaiz Malik announced the shift at the time, saying the cabinet and the prime minister had handed the Oil and Gas Regulatory Authority the job of setting prices each day in line with international trends. Before that, the government had been announcing weekly revisions since early March, alongside fuel conservation measures.
Austerity measures stay in place
The government has also reintroduced a set of austerity steps in response to elevated fuel prices amid the Middle East conflict. Markets must close by 9pm, and fuel allocations for official vehicles have been cut by 50 per cent for three months.
On September 13, Prime Minister Shehbaz Sharif announced a relief scheme for users of motorcycles, auto-rickshaws and vehicles of up to 800cc engine capacity, aimed at softening the impact of rising global oil prices on small vehicle owners. In April, the government had announced targeted measures to supply subsidised fuel to vulnerable groups.
Petrol and high-speed diesel remain the country’s biggest revenue earners among fuels, with monthly sales of roughly 700,000 to 800,000 tonnes, compared with only about 10,000 tonnes of kerosene.
What are the new petrol and diesel prices for October 23?
Petrol will sell at Rs377.71 per litre after a Rs1.60 cut, while high-speed diesel will cost Rs391.75 per litre after a Rs1.64 increase.
Why do fuel prices in Pakistan change every day?
Since July 17, the Oil and Gas Regulatory Authority has set fuel prices daily based on international market trends, replacing the earlier weekly revision system.
How much tax does the government charge on fuel?
The government levies Rs114 per litre in taxes and duties on petrol and Rs100 per litre on high-speed diesel.
Which vehicles are affected most by the diesel hike?
Diesel powers trucks, buses, farm machinery, power plants and generators, so a hike raises transport and production costs across the economy.
Read our earlier coverage of the October 22 fuel price revision and the Jamaat-i-Islami protest campaign against the petroleum levy. The Power Division has also capped September electricity bills to limit consumer burden.
