Petrol price cut by Rs5.16, HSD’s by Rs7.69

Business Recorder reported that petrol was reduced by Rs5.16 per litre, bringing its price down to Rs381.14 from Rs386.30. High-Speed Diesel (HSD) fell by a larger margin of Rs7.69 per litre, moving from Rs396.96 to Rs389.27. The revised rates will apply from October 20.

The adjustment follows weaker global oil markets over the past seven days. Average refined petrol quotations fell to USD 121.44 a barrel, down from USD 124.39 on October 17, while diesel eased marginally to USD 108.02 from USD 108.54. The steeper diesel decline was mainly driven by a narrower HSD crack spread, which contracted from USD 41.89 to USD 38.00 per barrel.

A Petroleum Division notification indicated that levies and fixed profit margins stayed unchanged for both fuels. Petrol's import cost declined to Rs270.40 per litre from Rs275.56, while the HSD import cost dropped to Rs281.71 from Rs289.40. Each product also carries a levy of Rs80 per litre under the Petroleum Levy and a climate levy of Rs5 per litre.