ISLAMABAD – The federal government has slashed petrol prices for May owing to the sharp decline in oil prices in the international market, a notification said on Thursday.
The new price has been brought down to Rs81.58 after a reduction of Rs15, meanwhile, the rate of high-speed petrol has been reduced to Rs80.10.
Earlier, Ogra had recommended to the govt to reduce petroleum prices by up to Rs44 per litre for May 2020.
The regulatory body had suggested that the price of diesel may be reduced by Rs33.94 per litre (or 31.6%), petrol by Rs20.68/ litre (21.4%), kerosene oil by Rs44.07/ litre (56.9%) and light diesel oil (LDO) by Rs24.57/ litre (39.3%).
The government, in order to meet the revenue shortfall for March 2020, had increased the petroleum levy (PL) on these products.
