Govt slashes petrol price by Rs7 per litre | Pakistan Today

Govt slashes petrol price by Rs7 per litre

–PM says Pakistan has cheapest fuel cost compared to other states in South Asia

ISLAMABAD: In order to provide further relief to the consumers, the government reduced further the prices of petrol by Rs7.06 per litre, Finance Ministry said on Sunday.

The petrol prices have been reduced from Rs81.58 per liter to Rs74.52 per liter, said a press statement issued by the ministry here, adding that the new prices would be applicable from June 1, 2020.

Likewise, the prices of Kerosene Oil have been reduced from Rs47.44 per liter to Rs35.56 per liter whereas the prices of Light Diesel Oil were reduced from Rs47.51 per liter to Rs38.14 per liter.

However, the prices of High-Speed Diesel witnessed a nominal increase of Rs0.05 as it went up from Rs80.10 per liter to Rs80.15 per liter.

Despite the global trend of increasing prices of petroleum products, the government has decided to extend further relief in petroleum prices to the public, the statement added.

 Prime Minister Imran Khan highlighted that Pakistan has the cheapest fuel cost compared to other states in South Asia. After the federal government made another cut in petroleum prices, PM Imran Khan said in its Twitter message that the Centre has further reduced petrol, light diesel and kerosene oil prices.

He said, “Now we have the cheapest fuel cost compared to other states in South Asia. India is almost exactly double. Bangladesh, Sri Lanka & Nepal are all 50 to 75 percent more expensive than us.”

Yesterday, the Oil and Gas Regulatory Authority (OGRA) had recommended a reduction in petrol price by Rs7.06/litre, kerosene Rs11.88/litre and light diesel oil (LDO) price by Rs9.37/litre for June.

The regulatory body had, however, suggested that the price of diesel should remain unchanged.

For diesel, OGRA had recommended a Rs0.05/litre increase to Rs80.15/litre.

It is worth mentioning that the government is charging 17% general sales tax (GST) on all petroleum products. Apart from it, the government is also collecting petroleum levy (PL) on these products, which is directly taken from consumers.