Pakistan Petrol Price Falls to Rs346 After Five Straight Cuts, November 2026

How much is petrol in Pakistan in November 2026?

The petrol price in Pakistan in November 2026 is Rs346 a litre, the level set from Saturday 7 November. The government cut petrol by Rs6.59 a litre and high-speed diesel (HSD) by Rs4.25 a litre, to Rs378, in what Dawn described as the fifth consecutive cut in fuel prices ^[1]. Because of the public holiday on 9 November, the Oil and Gas Regulatory Authority (OGRA) said the prices apply from 7 to 10 November ^[1].

The five cuts came within one week rather than over several months. According to OGRA data compiled by PakWheels, petrol fell from Rs377.91 on 31 October to Rs374.51 on 3 November, Rs369.06 on 4 November, Rs362.00 on 5 November, Rs352.59 on 6 November and Rs346.00 from 7 November ^[2]. Diesel fell over the same days from Rs402.96 to Rs378.00 ^[2]. In total, petrol dropped Rs31.91 a litre, about 8.4%, and diesel Rs24.96, about 6.2% ^[2].

The October trend was already downward. On 20 October, for example, petrol was cut by Rs5.16 to Rs381.14 and diesel by Rs7.69 to Rs389.27, with the Petroleum Division citing changes in Platts rates, premiums and incidental costs ^[3].

Why did fuel prices fall so quickly?

Two forces combined: a lower international price and a change in how the government collects its levy.

On the market side, crude fell sharply as hopes grew for a diplomatic end to the US war with Iran. Brent January futures settled at $92.57 a barrel on 9 November, down 5.9%, and US crude at $86.85, down 4.4% ^[4]. Rigzone reported that the Democratic sweep of the US midterm elections added pressure on Washington to seek an exit, while an unconfirmed Al Arabiya report spoke of progress on uranium enrichment ^[4]. The same day Saudi Arabia's energy ministry confirmed that the East-West pipeline had been targeted near Medina, causing a limited fire with no operational disruption ^[5]. A TD Securities strategist told Rigzone that further material downside should be limited without a concrete deal ^[4].

On the policy side, the federal cabinet cut the petroleum levy by Rs14.71 a litre and required refineries to pay the difference ^[6]. Petroleum Minister Ali Pervaiz Malik said refineries would bear a burden of about Rs15 a litre, or Rs15 billion, for one month ^[7]. Under the new rule, the ex-refinery price is fixed using premium, incidental and customs-duty levels of 7 March 2026, and refineries pay the gap between that and the import cost into the levy account ^[6].

Taxes and duties are still large: Dawn put them at Rs114 a litre on petrol and Rs100 a litre on diesel ^[1]. The Express Tribune reported that the government was still charging an Rs80 levy within the earlier Rs378 petrol price ^[7].

How does Pakistan's new fuel pricing work?

Pakistan used to revise pump prices every fortnight. Dawn now reports that fuel prices are set daily on the basis of international market trends ^[1], and PakWheels notes that OGRA's calculations use seven-working-day rolling averages ^[2]. The result is smaller but more frequent changes, which pass global moves to consumers faster in both directions.

For traders and importers this matters. Daily revisions shorten the lag between Platts product prices and the pump, so demand in Pakistan reacts faster to swings in diesel and gasoline cracks. They also make the levy and refinery arrangement the main policy lever: when the government wants to soften a rise, it can change how much of the levy refineries carry rather than freeze prices.

The minister also said the government is working on a similar system for liquefied petroleum gas (LPG) ^[1]. That would follow the cabinet's 4 November decision to sell most locally produced LPG through public auctions ^[8]. Our LPG cylinder price in Pakistan and Bangladesh analysis covers the current OGRA LPG price of Rs3,470 for an 11.8 kg cylinder ^[9].

What does the levy shift mean for refineries?

Refiners objected strongly. The Express Tribune reported that they called the decision a serious setback and said they would have to sell petrol below production cost ^[6]. Cnergyico's vice chairman warned that gross refining margins could turn negative, and Attock Refinery's chief executive said diesel spreads had already been capped twice, at $41.89 and then at $38 ^[6]. Industry officials said the decision was taken without consultation ^[6].

The minister, for his part, thanked the refineries and said their profits over three months had exceeded their annual profits of the previous year ^[7]. The arrangement runs for 30 days ^[6,7]. Whether it is renewed in early December will be one of the main drivers of pump prices into the winter.

Could petrol prices in Pakistan rise again?

Yes. The cuts rest on three conditions that can change quickly.

First, crude. The 9 November fall was driven by unconfirmed reports and diplomatic hopes ^[4,5]. If talks stall or attacks on Gulf energy infrastructure escalate, Brent could recover just as quickly, and daily pricing would pass that rise to the pump within days ^[1,2].

Second, the levy arrangement. If refineries stop carrying the Rs14.71 levy after 30 days and the government does not lower its own levy, the pump price would face upward pressure of a similar size ^[6,7].

Third, product markets. Diesel prices in Pakistan follow regional product prices, not crude alone ^[3]. Our winter diesel price forecast explains why middle-distillate markets remain tight this winter.

What to watch

• Daily OGRA notifications. With daily pricing, the direction of the next few revisions will show whether the post-9 November crude fall holds ^[1,2].
• Iran diplomacy. Any confirmed agreement, or a breakdown of talks, will move Brent and therefore Pakistani prices ^[4].
• The refinery levy deal. The 30-day arrangement ends in early December ^[6,7].
• LPG pricing reform. The government plans a similar pricing approach for LPG ahead of peak winter demand ^[1,8].

Alupetra follows fuel pricing and product markets in South Asia from Istanbul, London and Dubai; Alupetra does not deal with sanctioned parties.