Federal govt slashes prices of petroleum products for June

ISLAMABAD: The federal government has slashed prices of petroleum products for June due to a sharp decline in oil prices in the international market due to virus-fuelled lockdowns.

Following the notification issued by the finance ministry today (Sunday), the price of petrol has come down from Rs 81.58 to Rs74.52 per litre.

However, the government regulator has slightly increased the price of high-speed diesel (HSD) from Rs 80.10 to Rs80.15 per litre, which is mainly used in transport and agriculture sectors.

The meagre increase in the HSD price may have no impact on the inflation rate, which will directly benefit the public. With the start of the crop harvesting season, the demand for diesel has increased, prompting the government to lift the ban on imports.

The price of kerosene oil has been slashed from Rs 47.44 to Rs35.56 per litre. Kerosene is used for cooking, especially in far-flung areas where liquefied petroleum gas (LPG) or pipeline gas is not available. The new prices will come into effect from 1st June.

On April 30, the federal government had slashed prices of petroleum products for May due to a sharp decline in oil prices in the international market.

According to a press release, the price of petrol had been reduced up to Rs 81.58 after a reduction of Rs 15. 

Moreover, Rs 27.15 had 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 had 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.