The Pakistani government has revised petroleum prices for Friday, October 23, 2026, reducing petrol by Rs1.60 per litre while raising high-speed diesel by Rs1.64 per litre following determinations from the Oil and Gas Regulatory Authority.
Friday’s adjustment brings the price of motor spirit, commonly known as petrol, down to Rs377.71 per litre from Rs379.31, according to a press release issued by the Ministry of Energy’s Petroleum Division reported by the Associated Press of Pakistan. At the same time, high-speed diesel climbs to Rs391.75 per litre from its previous level of Rs390.11. The state continues to levy duties on both fuels, retaining Rs114 per litre in taxes on petrol alongside Rs100 per litre on diesel noted Dawn.
The revised ex-depot prices stem from the federal government’s pricing mechanism, which incorporates shifting Platts rates, premiums, and incidental charges detailed Business Recorder. For motorists, motorcyclists, and rickshaw operators, the slight petrol reduction offers minor financial cushion, whereas the diesel markup increases operating costs for transporters, farmers and other diesel-dependent consumers according to Profit by Pakistan Today. Petrol and high-speed diesel serve as the major revenue earners for the sector, generating monthly sales between 700,000 and 800,000 tonnes, while kerosene demand sits much lower at roughly 10,000 tonnes per month.
Minister Defends Shift Toward Daily Fuel Pricing
Federal Minister for Petroleum Ali Pervaiz Malik defended the government’s shift toward daily fuel pricing during a National Assembly session covered by Energy Update. Malik explained that computing rates via a seven-day rolling average through the Oil and Gas Regulatory Authority allows domestic markets to track international trends more closely. The minister noted that prices were previously adjusted annually and later monthly before moving to daily revisions to reflect shifting market conditions, adding that market trends generally clarify within three to four days to minimize public inconvenience.
Addressing other administrative matters before the legislature, Malik stated that the relocation of Pakistan Petroleum Limited’s headquarters from Karachi to Islamabad was a routine administrative decision approved by the company’s board to cut annual travel expenses for board members and assist officials attending capital meetings, with Karachi offices remaining open for local matters. Meanwhile, former prime minister Raja Pervaiz Ashraf urged the assembly to resolve the closure of Islamabad’s newspaper market, which had halted capital-wide newspaper distribution for three days over unpaid ground rent concerning an unallotted adjoining plot managed by the Capital Development Authority. Minister of State for Finance Bilal Azhar Kiani also reported that officials are consulting textile stakeholders to stop duty-free material diversion and secure competitive raw materials for exporters, while Planning and Development Minister Ahsan Iqbal announced Rs200 billion development budget allocation for Balochistan alongside 5,000 new scholarships.
The pricing shifts arrived hot on the heels of fluctuating international crude benchmarks. Global oil markets climbed roughly two percent to reach a five-month high after Houthi attacks in Saudi Arabia sparked supply disruption fears noted Business Recorder. During the trading week, Brent crude futures rose $2.42, or 2.2 percent, hitting $111.24 a barrel, while US West Texas Intermediate advanced $1.14 to settle at $98.29.
Conflict and Volatile Shipping Lanes Pressure Energy Sector
The ongoing Middle East conflict and volatile shipping lanes continue to exert heavy pressure on Pakistan’s import-dependent energy sector. In response to soaring fuel costs earlier in the year, the administration reinstated austerity directives, requiring markets to close by 9pm while slashing official government vehicle fuel allocations by 50 per cent reported Dawn. Prime Minister Shehbaz Sharif announced a specialized relief scheme on September 13 to help owners of motorcycles and vehicles up to 800cc offset rising global oil rates.
Well, again, it will depend on what happens with the Iran conflict.
US Treasury Secretary Scott Bessent, via Brandsynario
Fuel costs remain elevated compared to pre-conflict baselines established before hostilities began on February 28. Petrol previously reached an apex of Rs458.41 per litre on April 3, while high-speed diesel climbed to Rs520.35 on April 3. While global markets have experienced profit-taking corrections following recent rallies, energy officials caution that domestic rates will remain sensitive to geopolitical developments in key exporting corridors.
| Petroleum Product | Rate Effective October 23 |
|---|---|
| Petrol (Motor Spirit) | Rs377.71 per litre |
| High-Speed Diesel | Rs391.75 per litre |