Both fuels fell today, with diesel dropping back below Rs420 (PSO).
| Fuel | New | Change | Previous | |—|—|—|—| | Petrol | Rs392.05 | -Rs1.70 | Rs393.75 | | High-speed diesel | Rs418.96 | -Rs3.12 | Rs422.08 |
Off the peaks
| | Peak | Date | Now | Given back | |—|—|—|—|—| | Petrol | Rs393.75 | 22 September | Rs392.05 | Rs1.70 | | High-speed diesel | Rs424.92 | 19 September | Rs418.96 | Rs5.96 |
Diesel has now retreated furthest from its high, and is below Rs420 for the first time since 17 September.
Seventeen days
| | 7 September | 23 September | Change | |—|—|—|—| | Petrol | Rs345.87 | Rs392.05 | +Rs46.18 (+13.4pc) | | High-speed diesel | Rs378.05 | Rs418.96 | +Rs40.91 (+10.8pc) |
On the symmetry question
We opened this test on 17 September, asking whether the daily mechanism passes falls through as fast as rises, and said we would report either outcome.
The answer so far: it does move down, on both products, repeatedly. Diesel has given back Rs5.96 of Rs46.87, or about 13 percent of its rise. Petrol has given back Rs1.70 of Rs47.88, about 4 percent.
Brent has fallen from $107.82 on 14 September to around $103 — roughly 4 percent off the peak. So diesel has now returned rather more of its rise than crude has, and petrol rather less.
The mechanism is not one-directional. It is also not returning the increases at the speed they arrived, and the two products are behaving differently enough that no single verdict covers both.
Oil
Crude fell about $1 on a better supply outlook and hopes for US-Iran talks. Iran said today it had conveyed conditions for ending the war to Washington through a Qatari mediator.
What has not moved
The petroleum levy: Rs80 a litre, within Rs106 of taxes and duties on petrol — now about 27 percent of the pump price. Jamaat-i-Islami’s march is about its abolition.
What is not established
OGRA has published no statement or calculation basis. It has not been explained why the two products have diverged so consistently over the past week.
[Image: The Express Tribune]
