The government has announced yet another reduction in the prices of petroleum products from the month of June 2020 by PKR 7.06 per litre.
According to the details, the Oil and Gas Regulatory Authority (OGRA) had sent a summary to the government in which it proposed a decrease in the petroleum prices for the month of June 2020. The government, in response to the summary, has approved the sent recommendations and the new prices will certainly be a sigh of relief for the consumers. The price of petrol is slashed by PKR 7.06 per litre as its new price will come down to PKR 74.52 per litre from PKR 81.58 per litre. Similarly, a decrease of PKR 9.37 per litre on the price of Light Diesel Oil (LDO) has been approved by the government. The new price of 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 litre. The new price of Kerosene Oil goes down from PKR 47.44 per litre to PKR 35.56 per litre. On the other hand, OGRA had recommended a slight increase of 5 paisas in the price of High-Speed Diesel (HSD) and the government regulator has approved it right away. High-Speed Diesel now costs PKR 80.15 per litre which is primarily used in the transportation and agricultural sector. The new prices of petroleum products with effect from 1st June 2020 are given below:
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 significant decrease in petroleum prices is in line with the dip in the global crude oil prices due to Covid-19 lock-downs resulting in very low demand in the international market. According to the official tweet of Prime Minister Imran Khan, Pakistan is now offering the cheapest fuel prices in the region. According to him, the petroleum products cost almost double in India. Have a look at his tweet below:
We have further reduced petrol, light diesel oil, kerosine oil prices. 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. pic.twitter.com/oD9wVMcZno
— Imran Khan (@ImranKhanPTI) May 31, 2020
Nonetheless, the government’s decision to pass on the impact of reduced global prices of crude oil would bring a sigh of relief for the consumers in these hard times of lock down restrictions across the country. Mention your suggestions in the comments space below and stay connected with PakWheels for the latest news-related content.