Friday, November 06 2026

PM Shehbaz orders cancellation of petrol pump licences over denial of fuel subsidies
Prime Minister Shehbaz Sharif on Thursday ordered the cancellation of licences of petrol pumps refusing to provide subsidised fuel to registered beneficiaries under the Prime Minister's Fuel Relief Programme, warning of strict action against outlets denying the facility to eligible citizens. The directive was issued during a high-level meeting chaired by the premier at the Prime Minister's Office (PMO) in Islamabad to review progress on the subsidy programme and assess its implementation across the country.
Related news categories: business economic-indicators oilgas-marketing

Petrol price slashed by Rs9.41, HSD’s by Rs5.56
The price of petrol has been reduced by Rs9.41 per litre, bringing the retail price down to Rs352.59 per litre. High-Speed Diesel (HSD) saw a cut of Rs5.56 per litre, fixing its new rate at Rs382.25 per litre, down from the previous Rs387.81 per litre, effective for November 6. The regulator attributed these adjustments to global developments alongside changes in Platts pricing, premiums, and incidental costs. International benchmark prices of petrol decreased to USD 105.945 per bbl from USD 111.45 per barrel, however, premium including freight remained as high as USD 25.52 per bbl, while HSD benchmark prices decreased to USD 106.90 per barrel from USD 110.08 per bbl.
Related news categories: business economic-indicators oilgas-marketing

Oil set for sharp weekly drop but Middle East supply concerns provide floor
Oil prices are set for a sharp weekly drop on expectations of a de-escalation of the Iran war after US President ​Donald Trump’s party suffered election losses, but Middle East supply concerns ‌from the conflict continue to provide a floor for the market. Brent crude futures for January rose on Friday by $1.57, or 1.6%, to $99.86 a barrel as of 0222 GMT. US West Texas Intermediate ​futures climbed $1.10, or 1.22% to $91.62 a barrel.Both contracts gained for a second ​day. Still, the Brent contract is on track to drop by 12% ⁠this week after the December contract expired on October 30, while WTI ​is set to drop 12.1% this week. The contracts plunged earlier this week on expectations that ​US Congressional elections on Tuesday, which swung the Senate and House of Representatives to the Democrat party and from Trump’s Republicans, could lead to a de-escalation of the US-Israeli war against ​Iran, now in its ninth month.
Related news categories: business misc oilgas-exploration oilgas-marketing

Thursday, November 05 2026

Petrol price cut by Rs7.06, HSD’s by Rs3.71
The price of petrol has been reduced by Rs 7.06 per litre, bringing the retail price down to Rs 362 per litre. High-Speed Diesel saw a cut of Rs 3.71 per litre, fixing its new rate at Rs 387.81 per litre, down from the previous Rs 391.52 per litre. Consumers across the country will get relief at the fuel pumps on November 5, as the Oil and Gas Regulatory Authority (OGRA) announced a reduction in the ex-depot prices of petrol and High-Speed Diesel (HSD). Under a new pricing mechanism announced on Monday for 30 days, oil refineries will contribute to the petroleum levy by bearing a cumulative impact of Rs15 billion, according to the government. This would allow a Rs14.71 reduction in the petrol price at the consumer end.
Related news categories: business economic-indicators oilgas-marketing

Oil falls for a fourth day on expectations for lower risk of Iran war escalation
Oil prices fell for a fourth day on Thursday on expectations the losses US President Donald Trump’s Republican Party suffered in Congressional elections this week may reduce the risk ​of further escalation of the US-Israeli war on Iran. Brent futures fell 97 cents, or 1.03% ‌at $93.65 a barrel as of 0211 GMT, while US West Texas Intermediate crude futures were down $1.14, or 1.29%, to $86.98. Both benchmarks tumbled by more than 8% in the previous session to settle at their lowest since August 31.
Related news categories: business misc oilgas-exploration oilgas-marketing