Govt revises windfall tax for petrol, diesel exports

On Wednesday, the government raised the price of petrol by Rs1.20, bringing the cost to Rs393.86 per litre. Simultaneously, it decreased the price of high-speed diesel by Re0.17, lowering the cost to Rs396.65 per litre. These changes, effective from Thursday, October 15, 2026, were announced by the Petroleum Division in a press release issued by the Oil and Gas Regulatory Authority (OGRA).

The revised prices will remain in place starting October 16. The government's decision was influenced by global developments, including fluctuations in Platts rates, premiums, and incidentals. On the day of the announcement, Brent crude prices experienced a decline of over 1%, falling to $104.91 a barrel. Meanwhile, US West Texas Intermediate crude futures saw a slight increase of 31 cents, or 0.3%, to $95.40, driven by expectations of a significant draw in weekly inventories.