ISLAMABAD: Petrol price cut November 2026 has brought fresh relief to drivers, as the government has reduced the price of petrol by Rs6.59 per litre and the price of high speed diesel by Rs4.25 per litre. The new prices took effect on Saturday 7 November, and they will stay in place until Tuesday 10 November. Petrol will now sell at Rs346 per litre, while high speed diesel Rs378 per litre is the new rate for trucks and buses.
The OGRA petrol price notification November 7 was issued by the Oil and Gas Regulatory Authority, and it sets the new rates for four days only. The short window is because Monday 9 November is a public holiday for Iqbal Day, so the next revision will come after Tuesday. The government has been revising fuel prices every week since early March, and from 17 July it moved to daily price fixing because of sharp changes in world oil prices.
The petrol price fifth straight reduction is the latest in a run of cuts that has brought prices down from the peaks seen earlier this year. Petrol had climbed to Rs458.41 per litre on 3 April, after starting the year near Rs266 in the first week of March. High speed diesel had reached a peak of Rs520.35 per litre on the same day in April. Since then the trend has turned, and each new cut has eased the cost of travel and transport a little more.
The petrol taxes Rs114 per litre are still part of every litre sold, and the government continues to collect Rs100 per litre in taxes and duties on diesel. These taxes are a major source of revenue, and they explain why pump prices stay high even when world oil prices fall. Petrol and high speed diesel are the biggest revenue earners among fuel products, with monthly sales of about 700,000 to 800,000 tonnes. Kerosene, by contrast, sells only about 10,000 tonnes a month across the country.
The petroleum levy refineries Rs15 billion plan is part of the reason the latest cut was possible. Under an arrangement announced on Monday, oil refineries will contribute to the petroleum levy by bearing a cumulative impact of Rs15 billion over 30 days. The government says this step allows a reduction of Rs14.71 in the petrol price at the consumer end. Petroleum Minister Ali Pervaiz Malik has said the same idea is being studied for liquefied petroleum gas, known as LPG, so that gas prices can also come down.
Petrol is mainly used in private transport, small vehicles, rickshaws and two wheelers, so a change in its price is felt most by the middle and lower middle classes. A lower price means cheaper daily travel for office workers, students and shopkeepers who depend on motorcycles and small cars. Diesel is used in heavy transport, power plants and large generators, so a cut in diesel prices also helps move goods more cheaply. Farmers who run diesel tube wells and transporters who move food to cities both gain when diesel costs less.
There is one point readers should note about the size of the cut. Dawn reported the reduction as Rs6.59 per litre for petrol and Rs4.25 for diesel, with new prices of Rs346 and Rs378. Another report, carried by Business Recorder, put the cut at Rs9.41 per litre for petrol and Rs5.56 for diesel. This article follows the Dawn report of 7 November, which matches the notification figures quoted by other outlets the same day. The difference may come from an earlier step in the same week, and it will be checked again at the next revision.
The government has also kept in place a set of saving measures that were brought back when fuel prices were rising earlier this year. Markets are required to close by 9pm, and fuel allocations for official vehicles have been cut by half for three months. In September the prime minister announced a relief scheme for users of motorcycles, auto rickshaws and vehicles of up to 800cc, to ease the burden of high fuel prices on small vehicle owners. These steps show that fuel prices are still treated as a sensitive issue for households and for the budget.
The next fuel price revision will come after Tuesday 10 November, and drivers will watch whether the run of cuts continues into the new week. World oil prices, the rupee dollar rate and the tax levies all feed into the final pump price, so a calm world market would help keep prices down. For now, the fifth cut in a row gives households a small break at the start of a long weekend, with Monday a public holiday for Iqbal Day. The relief is modest, but for families that travel every day, every rupee off the litre counts.
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