Pakistan has reduced the high-speed diesel (HSD) crack spread to $38 per barrel from $41.89, according to a pricing sheet uploaded to the Oil and Gas Regulatory Authority (OGRA) website, Topline Research said on Tuesday.
The previous rate of $41.89 per barrel had initially been set for two months and was due to expire on October 20, 2026.
Topline Research said it had also confirmed the revised rate with a refinery company. Refineries and companies have reportedly agreed to the new formula, which is expected to remain in place for 60 to 90 days, although further clarification is still awaited.
The research firm said it would seek confirmation from other refineries and OGRA before issuing an update.
The revision lowers the HSD crack spread by $3.89 per barrel, or approximately 9.3%, from the previous rate.
The crack spread is a component used to assess the difference between the price of refined petroleum products and crude oil. However, the available information does not establish how the revision will affect domestic diesel prices, refinery earnings or consumer fuel costs.
The government has previously intervened in diesel pricing by capping the margin refineries can earn from converting crude oil into high-speed diesel. In August 2026, it capped the diesel margin at $41.89 per barrel for an initial two-month period, a move intended to limit the impact of elevated international refining margins on domestic fuel prices.
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