OGRA has suggested the government to subordinate the per litre price of Petroleum. Kerosene oil and light diesel oil (LDO). However, a nominal upsurge in the price of high-speed diesel (HSD) has been endorsed by the authority. The government has reduced the price of petrol by Rs7.06 per litre for the month of June, with the novel price fixed at Rs74.52, which was previously at Rs81.58 per litre. The government augmented the rate of petroleum levy on petrol by more than 26pc to mop up additional windfall revenues of about Rs6.5bn. Based on the existing tax rates and the PSO’s import cost, the petrol price should have come down by Rs13.30 per litre but the government decided to swot petroleum taxes by Rs6.24 per litre. The economy of Pakistan will have a positive impact on itself due to the fall in these prices.
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
The price of HSD has been established at 80.15 from 80.10 showing an upsurge of 0.05. Now the total amount of levy stands at Rs41.65 per litre, which is double the actual price of diesel. The price of kerosene oil has declined from Rs47.44 per litre to Rs35.56, down Rs11.88 per litre. Additionally, the price of light diesel oil has (LDO) shown a decrease of Rs9.37 per litre, making it Rs38.14 per litre instead of Rs47.51 per litre. 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 per cent more expensive than us,” it said. The new petroleum prices will remain effective till June 30th.