Petrol Price in Pakistan Stays Rs 377.91 as Refineries Absorb Rs 15 Hike
Petrol stays at Rs 377.91 per litre as refineries absorb a Rs 15 per litre increase under a new 30-day pricing formula, the petroleum minister said.
Petrol price in Pakistan stays unchanged at Rs 377.91 per litre because oil refineries have agreed to absorb a Rs 15 per litre increase that was due on 31 October 2026, Petroleum Minister Ali Pervaiz Malik said on 2 November. Under a new petrol pricing formula, the refineries will carry a burden of about Rs 15 billion a month, so consumers do not pay the higher global price for now.
In simple words: this was not a cut in the pump price. It stopped a Rs 15 rise. The minister said this relief was already built into Friday’s price decision and that “further improvement” would reach the public.
Petrol price in Pakistan: key facts
| Item | Detail |
|---|---|
| Current petrol price | Rs 377.91 per litre (unchanged on 31 October 2026) |
| Increase avoided | About Rs 15 per litre |
| Who pays instead | Oil refineries, about Rs 15 billion a month |
| Mechanism | Refineries surrender the gap between import and ex-refinery price as petroleum levy |
| Duration of new formula | 30 days, from 31 October 2026 |
| Next price review | Mid-November 2026 (fortnightly review) |
| Announced by | Petroleum Minister Ali Pervaiz Malik and Information Minister Attaullah Tarar, Islamabad, 2 November 2026 |
What did the government announce?
At a press conference in Islamabad, the petroleum minister said global oil prices are rising because of the war involving Iran, while shipping and insurance costs have jumped. Refineries were asked to support consumers, and they agreed to take the Rs 15 per litre hit that would otherwise have been added to the petrol price on Friday.
The minister also said refineries’ profits for the last three months were higher than their entire profit last year, which is why the government asked them to share the burden.
How the new petrol pricing formula works
The government revised the petrol pricing mechanism on 31 October 2026. Under the new rules, as reported by the Express Tribune:
- Import price: based on the actual import cost of the relevant Pakistan State Oil (PSO) cargo. If that is not available for a day, the premium, incidentals and duty of the last available cargo can be used.
- Refinery price frozen at pre-war level: for 30 days, refineries get an ex-refinery price with premium, incidentals and customs duty fixed at the levels of 7 March 2026, before the war.
- Difference goes to the levy: the gap between the import price and the ex-refinery price is deposited as petroleum levy, and the benefit is passed to consumers through a lower retail price.
- Daily checks: refineries must send daily petrol sales reports and payment receipts to the Petroleum Division and OGRA.
The ex-refinery price is the rate at which a refinery sells fuel to oil marketing companies such as PSO, before taxes, the levy, dealer margins and freight are added.
Why global costs are rising
The minister said PSO’s recent import tenders showed premiums rising by about $10–20 a barrel. Before the crisis, the premium was around $5 a barrel; the government has now set a $20 limit. He added that hiring a very large crude carrier, which used to cost a few hundred thousand dollars, now rarely costs less than a million dollars.
Fuel subsidy for motorcyclists continues
Information Minister Attaullah Tarar said the targeted fuel subsidy for motorcyclists and small car owners will continue. According to him, Rs 27 billion has been paid so far, and 15 million beneficiaries have registered.
What it means for you
- Bike and car owners: no change at the pump today. Without this step, petrol would have cost about Rs 15 more per litre.
- Monthly budget: a motorcyclist using 30 litres a month avoids roughly Rs 450 extra a month; a car using 100 litres avoids about Rs 1,500.
- Next review: the formula is for 30 days. If global prices keep rising, the pressure on prices will return when it ends.
Track the latest rates on our petrol price in Pakistan today page. For related markets, see gold price in Pakistan and the rupee-dollar rate.
Frequently asked questions
What is the petrol price in Pakistan today?
Rs 377.91 per litre, unchanged in the 31 October 2026 review.
Has the petrol price been cut by Rs 15?
No. A Rs 15 per litre increase was avoided because refineries agreed to bear the cost. The pump price stayed the same.
How long will the new petrol pricing formula last?
The government said it applies for 30 days from 31 October 2026.
Who is paying the Rs 15 billion?
Oil refineries, through the petroleum levy, according to the petroleum minister.
Sources: Press conference by Petroleum Minister Ali Pervaiz Malik and Information Minister Attaullah Tarar, Islamabad, 2 November 2026, as reported by the Express Tribune; Business Recorder (2 November 2026); petrol price from the 31 October 2026 notification.
