The government has reduced the prices of different petroleum products by up to Rs 3 per litre in line with reduction in global oil prices, effective today (Friday). The price of petrol has been reduced by Rs 3 per liter, High Speed Diesel (HSD) Rs 2.01 per liter and Light Diesel Oil (LDO) by Rs 1.13 per litre. However, no change has been made in price of kerosene oil.
However, the price of High Octane Blending Component (HOBC) has been increased by Rs 2.21 per liter after its deregulation. The government has not reduced price of kerosene oil and rather imposed Petroleum Levy (PL) of Rs 1.59 per liter on it. The government slashed price of petrol by Rs 3 per liter, Light Diesel Oil (LDO) Rs 1.13 per liter, JP-1 Rs 2.37 per liter, JP-8 Rs 0.84 per liter, JP-4 Rs 2.36 per liter and High Speed Diesel (HSD) Rs 2.01 per liter.
After reduction, new prices of petroleum products would be as petrol at Rs 83.71 per liter, kerosene oil Rs 84.65 per liter, LDO Rs 81.39 per liter, HSD Rs 92.10 per liter, HOBC Rs 100.46 per liter, JP-1 Rs 81.54 per liter, JP-8 Rs 79.45 per liter and JP-4 Rs 73.16 per liter.
The OMCs will continue to make profits of Rs 1.5 per litre on petrol, Rs 1.58 per litre on kerosene oil, Rs 1.61 per litre on light diesel and Rs 1.35 per litre on high speed diesel. Addressing a press conference, Ogra spokesman Jawad Naseem said the government had increased rate of PL on petrol to Rs 5.46 per liter and HSD Rs 2.15 per liter.
The rate of General Sales Tax (GST) has dropped by 8 per cent on petrol, 6.3 per cent on LDO, 7.1 per cent on HSD and 5 per cent on kerosene oil due to reduction in oil prices.
Naseem said federal government has deregulated the prices of petroleum products of MS, HOBC, LDO, JP-1, JP-4 and JP-8 effective June 1, 2011 and refineries and OMCs will fix and announce ex-refinery and ex-depot prices of these products on monthly basis. However, Ogra will only compute and notify ex-refinery price of HSD and kerosene oil.
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