Government slashes petroleum prices by Rs7.06 per litre for June

The government on Sunday reduced the price of petrol by Rs7.06 per litre for the month of June, with new price fixed at Rs74.52, according to a statement issued by the Ministry of Finance.

According to the statement, the price of kerosene has been reduced by Rs11.88 per litre and will now be Rs35.56 per litre. The price of high speed diesel has been increased by five paisas per litre, marking the new price at Rs80.15 per litre.

Additionally, the price of light diesel oil is fixed at Rs38.14 per litre which was previously set at Rs47.51 per litre.

A statement by the Prime Minister's Office said that Pakistan's fuel is now "the cheapest" in South Asia.

"India is almost exactly double. Bangladesh, Sri Lanka & Nepal are all 50 to 75 percent more expensive than us," it said.

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.