ISLAMABAD - Prime Minister Imran Khan on Sunday announced that the prices of petroleum products were further reduced in the country.

In a tweet, the premier said that the fuel prices would cost cheapest in Pakistan as compared to other South Asian nations. “We have further reduced petrol, light diesel oil, kerosene 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,” he said.

In another major reduction, the government had brought down the price of petrol by Rs7.06 per liter, kerosene by Rs 11.88 and light diesel by Rs 9.37. After the latest reduction, the prices of the commodities stood at Rs74.52, Rs35.56 and Rs38.14 per liter respectively.

The federal government on Sunday reduced the price of Petrol by Rs7.06 per litre for the month of June.

Despite the global trend of increasing prices of the petroleum products, the government has decided to extend further relief in petroleum prices to the public, said a notification issued by the Finance Division.

In order to provide further relief to the consumers it has been decided to reduce the prices of Petrol, Superior Kerosene Oil and Light Diesel Oil, said the notification. However the price of High Speed Diesel is increased by Rs0.05 per litre.

While fully accepting the Ogra’s recommendation regarding reduction in the prices of petroleum products, the government has decreased the price of petrol by Rs 7.06 per litre or (8.65 percent). Similarly the price of Superior Kerosene Oil has been reduced by Rs 11.88 per litre or (25.04 percent) and Light Diesel Oil(LDO) by Rs 9.37 per litre or (19.72 percent).

After the reduction, the price of Petrol will come down to Rs 74.52 per litre from the existing Rs 81.58  per litre, Superior Kerosene Oil will decrease to Rs 35.56 per litre from the existing Rs 47.44 per litre and Light Diesel Oil will come down to Rs 38.14 per litre from the current Rs 47.51 per litre.

After the increase, the price of High Speed Diesel will go up to Rs 80.15 per litre from the existing Rs 80.10 per litre. The new prices shall be applicable from 1st June 2020.

Oil and Gas Regulatory Authority (Ogra) had recommended cut of up to Rs 11.88 per litre in the prices of various petroleum products. In a summary moved to the Petroleum Division, Ogra has suggested a decrease of Rs 7.06 per litre in the price of Petrol, cut of Rs 11.88 per litre in Superior Kerosene Oil(SKO), and Rs 9.37 per litre in the price of Light Diesel Oil(LDO). 

It is worth to mention here that for the month of May the government had reduced the prices of high speed diesel and Petrol by Rs 27.15 and Rs 15 per litre respectively. Partially accepting the Oil and Gas Regulatory Authority (OGRA) summary regarding the price reduction the government had  also reduced the price of Superior Kerosene Oil by Rs 30.01 per litre and Light Diesel Oil by Rs 15 per litre. For the month of May Oil and Gas Regulatory Authority (Ogra) had recommended a decrease of Rs 33.94 per litre in the price of High Speed Diesel(HSD) and Rs 20.68 per litre in the price of Petrol for the month of May.

The government is currently charging Petroleum Levy on petroleum products and increased PL on High Speed Diesel to Rs 30 per litre,  Rs 23.76 on Petrol, Rs 18.02 on SKO and Rs 11.18 on LDO. It is worth to mention here that in the previous government of PML(N) , the petroleum levy was in the range of Rs3 to Rs10 per litre. For the month of May the government imposed Standard General Sales Tax(GST) of 17 percent on POL products.

Product Price w.e.f Price w.e.f Change in

01-05-2020 01-06-2020 Price

High Speed Diesel (HSD) 80.10 80.15 (0.05)

MS (petrol) 81.58 74.52 (7.06)

Superior Kerosene Oil (SKO) 47.44 35.56 (11.88)

Light Diesel Oil (LDO 47.51 38.14 (9.37)