Petrol Price Cut by Rs7.06 to Rs362, Diesel Down to Rs387.81 for November 5

By Bilal Ahmed | Updated: November 5, 2026

Petrol in Pakistan now costs Rs362 a litre and high-speed diesel (HSD) costs Rs387.81 a litre — but only for today, Thursday, November 5, 2026. The government cut petrol by Rs7.06 a litre and diesel by Rs3.71 a litre in a notification issued on Wednesday, November 4. It is the third straight day of cuts, and under the daily price review system a fresh rate will be announced for tomorrow.

Petrol and Diesel Prices for November 5, 2026

OGRA issued the revised rates under the daily fuel price review mechanism, and the Petroleum Division notified them on Wednesday evening. Prices are not revised on Saturdays and Sundays.

Third Cut in Three Days

Over the three days, petrol is Rs15.91 a litre cheaper than it was before Tuesday’s cut, when it stood at Rs377.91, and diesel is Rs15.15 a litre cheaper, down from Rs402.96. The daily system passes global movements through within a day — far faster than the old fortnightly cycle, as the petrol and diesel prices announced on October 13 showed.

Why Did Fuel Prices Fall?

The main reason is the international oil market. Brent crude, the global benchmark, fell $4.50 a barrel to $99.07 a barrel in trading on Wednesday, while US West Texas Intermediate crude fell $4.13 to $92.02. Traders were reacting to easing fears of a full-scale US-Israeli war with Iran after the US midterm elections, in which President Donald Trump’s Republican Party lost control of Congress.

For scale, when the US-Iran war began on February 28, diesel peaked at Rs520.35 a litre on April 3 and petrol at Rs458.41 — today’s rates are still above pre-war levels, but a long way down from those peaks.

The Rs15 Billion Refinery Deal Behind the Cut

Global prices alone do not explain the full cut. Under a 30-day arrangement announced on Monday, oil refineries are bearing a cumulative impact of Rs15 billion, which the government says allows petrol to be sold Rs14.71 a litre cheaper at the consumer end.

The cabinet approved the new pricing formula on October 30. Petrol’s import price is now set from the actual import cost of the relevant PSO cargo, and refinery charges are temporarily fixed at their March 7, 2026 — pre-war — levels for 30 days, with the difference surrendered by refineries under the petroleum levy account. Petroleum Minister Ali Pervaiz Malik said a similar system is being explored for liquefied petroleum gas (LPG).

What You Still Pay in Taxes on Every Litre

A price cut does not mean the tax burden has gone away. The government continues to levy Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel, unchanged in the latest notification. The biggest item is the petroleum levy itself, at Rs80 a litre on both fuels, plus a climate support levy of Rs5 a litre — the largest single tax on fuel, and the reason pump prices stay high even when global crude falls.

What the Cut Means for Your Pocket

Petrol is mainly used in private transport, small vehicles, rickshaws and two-wheelers. Diesel powers heavy transport, power plants and large generators, so a diesel cut feeds through to the cost of moving goods — and takes some pressure off transporters, who had been pressing for higher freight rates, as the goods transporters’ fare-hike warning showed.

There is also a separate relief scheme. On September 13, Prime Minister Shehbaz Sharif announced Rs100 a litre off petrol for motorcycles, three-wheeler rickshaws and cars up to 800cc, covering an estimated 11.8 million beneficiaries. The Rs28 billion fuel subsidy package for December builds on that idea and stacks with today’s cut for eligible users.

Petroleum Levy Talks With Jamaat-e-Islami

Alongside the price cut, the government and Jamaat-e-Islami (JI) are in talks over the petroleum levy. After a meeting on Tuesday, November 3, led on the government side by Deputy Prime Minister Ishaq Dar, JI’s acting emir Liaquat Baloch said both sides had agreed that abolishing the levy was essential, and that the government had agreed to relief for agriculture and owners of vehicles up to 1,000cc. But the Foreign Office statement said only that both sides held candid discussions and agreed to keep talking — it did not confirm any agreement to abolish the levy. Both sides are preparing working papers on a gradual, phased elimination, and were due to meet again on Thursday, November 5. Until a signed agreement appears, treat the levy talks as ongoing, not settled.

What Happens Next?

Three things will decide whether fuel keeps getting cheaper: tomorrow’s OGRA notification, the global oil market, and the levy talks. Under daily pricing, a fresh rate is announced each working day, so check the rate before you fill up. If US-Iran tensions flare again, Brent can jump as fast as it fell. And a phased reduction of the Rs80 levy would cut prices structurally, not just for a day — but nothing is signed yet.

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