Federal govt slashes prices of petroleum products

ISLAMABAD: The federal government has slashed prices of petroleum products for May due to a sharp decline in oil prices in the international market.

According to a press release issued today (Thursday), the price of petrol has been reduced up to Rs 81.58 after a reduction of Rs 15. 

Moreover, Rs 27.15 has been reduced on high-speed diesel and the new price will be Rs 80.10. The rate of Kerosine oil has been reduced up to Rs 47.44 after Rs 30 cut.

Rs 15 has been reduced on light diesel which will be available at Rs 47.51. The new prices will take into effect from 12:00 midnight today.

Earlier on Wednesday, the Oil and Gas Regulatory Authority (OGRA) had recommended to the government to reduce petroleum prices by up to Rs44 per litre for May 2020.

According to details, OGRA has recommended Rs20.68 per litre cut in the price of petrol, diesel Rs33.94 per litre, light diesel Rs24.57 per litre and kerosene oil by Rs44.07 per litre.

The summary for the revision of petroleum price for the month of May had been sent to the Ministry of Petroleum and after the prime minister’s approval.

It is pertinent to mention here that the government is also charging 17 percent general sales tax (GST) on all petroleum products.