Government cuts petrol by Rs8, diesel by Rs7 a litre
OGRA's notification fixes petrol at Rs338 and high-speed diesel at Rs371 from November 11, after a Rs6.59 cut the previous week.
Petrol will retail at Rs338 a litre and high-speed diesel at Rs371 from Wednesday after the government cut their prices by Rs8 and Rs7 a litre, the Oil and Gas Regulatory Authority (Ogra) said in a notification issued on Tuesday.
The new ex-depot rates replace Rs346 for petrol and Rs378 for diesel, which had been in force since November 7. Ogra said the revised prices were set under the petroleum products pricing mechanism approved by the federal government.
Tuesday's reduction follows a cut announced last Thursday, when petrol came down by Rs6.59 a litre to Rs346 and diesel by Rs4.25 a litre to Rs378, Business Recorder reported.
Dawn reported that the government continues to levy Rs114 a litre in taxes and duties on petrol and Rs100 a litre on diesel. Under an arrangement announced on November 2, refineries will contribute to the petroleum levy for 30 days by bearing a cumulative impact of Rs15 billion, the newspaper said.
Petroleum dealers separately demanded a forensic audit of refineries' profits, saying a transparent review could reveal room to cut petrol by up to Rs50 a litre. ARY News reported that the demand was raised at an emergency meeting of dealers in Karachi, where Malik Khuda Bakhsh and Anwar Kamal spoke. Bakhsh said refineries had earned a full year's profit in three months. Kamal said consumers could be given relief of Rs40 to Rs50 a litre if the matter were examined properly. The dealers said a statement by the petroleum minister had confirmed their reservations, and called for an audit of refineries' financial records.
Crude prices fell about 2 per cent to two-month lows on Tuesday after US officials downplayed the need for additional military action against Iran, easing fears of Middle East supply disruption, Business Recorder reported. Brent futures dropped $1.93, or 2.1 per cent, to $90.64 a barrel, and US West Texas Intermediate fell $1.44, or 1.7 per cent, to $85.41. Both benchmarks were heading for their lowest closes since August 28.
How the reports differ
Dawn alone reported the tax component, Rs114 a litre on petrol and Rs100 on diesel, and the November 2 arrangement under which refineries bear a cumulative Rs15 billion over 30 days towards the petroleum levy. Business Recorder was the only report to give the prices in force before the November 7 cut, last Thursday's reduction of Rs6.59 and Rs4.25, and the international crude benchmarks behind the move. ARY News led on the Ogra notification and added the petroleum dealers' meeting in Karachi, where Malik Khuda Bakhsh and Anwar Kamal demanded a forensic audit of refinery profits and put possible relief at Rs40 to Rs50 a litre.
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