Petroleum Costs to Be Reduced

Petroleum Costs to Be Reduced

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Government has confirmed yet another cut in the price of petroleum products since June 2020, the current prices of petroleum products with effect from 1 June 2020 are as follows:

Petroleum Costs to Be Reduced

Petrol: Rs.74.52 per litre

High-Speed Diesel: Rs.80.15 per litre

Light Diesel Oil: Rs.38.14 per litre

Kerosene Oil: Rs.35.56 per litre

The old prices of petroleum products during the month of May 2020 were as follows:

Petrol: Rs.81.58 per litre

High-Speed Diesel: Rs.80.10 per litre

Light Diesel Oil: Rs.47.51 per litre

Kerosene Oil: Rs.47.44 per litre

The Oil and Gas Regulatory Authority (OGRA) submitted a report to the government recommending a decline in oil prices for the month of June 2020.In addition to the review, the Government has acknowledged the submitted proposals and the lower rates would definitely be a breath of relief for customers. The price of petrol shall be reduced by PKR 7.06 per litre, as the new price shall be reduced by PKR 74.52 per litre from PKR 81.58 per litre.

Similarly, the Government has approved a decrease of PKR 9.37 per litre in the price of Light Diesel Oil (LDO). The latest price for Light Diesel Oil will now be PKR 38.14 per litre. According to the official notification issued by the Finance Ministry on 31st May 2020, the price of kerosene oil observed yet another major reduction as it comes down to PKR 11.88 per liter. Kerosene Oil’s current price falls from PKR 47.44 per liter to PKR 35.56 per liter. On the other side, OGRA proposed a small rise of 5 countries in the price of high-speed diesel (HSD) and was promptly authorised by the government regulator. High-Speed Diesel currently costs PKR 80.15 a liter and is mainly used in the transport and agriculture industries.