Pakistan cuts petrol and diesel prices for second day

Pakistan’s government cut petrol and high-speed diesel prices for a second consecutive day, with the latest reductions taking effect November 4, according to an Oil and Gas Regulatory Authority notification. Petrol will cost Rs369.06 per litre, down Rs5.45, while high-speed diesel will cost Rs391.52, down Rs3.68. The new rates follow a separate revision effective November 3, when petrol was reduced by Rs3.40 to Rs374.51 per litre and diesel by Rs7.76 to Rs395.20. The two rounds of cuts set successive daily prices; the November 3 rates applied for one day before the latest notification took effect. The government said the latest reduction is supported by a 30-day arrangement under which oil refineries will bear a cumulative Rs15 billion impact related to the petroleum levy. It said the arrangement would enable a Rs14.71-per-litre reduction in petrol at the consumer end. That description and estimate were provided by the government. The latest notification kept taxes and duties at Rs114 per litre for petrol and Rs100 for diesel. Petroleum Minister Ali Pervaiz Malik said the government was working on a similar price-support system for liquefied petroleum gas. The reported...