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Petroleum Products’ Prices 2020
The Government of Pakistan has reduced the petroleum products’ prices for May 2020. If you are not familiar with the new oil prices then this news is specially written for your facility. Go through the news and get a proper idea about oil prices.
Due to the lockdown of COVID-19, there is an excess of oil in the market as the supply of oil is high while the demand is low. Moreover, the oil prices have touched even in negative for the past few months. So, the OGRA has suggested to the Government of Pakistan to cut down the oil prices for the month of May 2020. OGRA presented the summary about the new prices to the Ministry of Energy last month and then it was forwarded to the Finance Minister for the final approval. The Government made the decision about the new prices of petroleum products on Thursday. And the implement of the new prices was made on Friday, 1 May 2020 at 12:00 am.
New Oil Prices May 2020
According to the decision made by Government is that the new price of petrol scale down from current price PKR 96.58 per litre to 75.9 per litre and diesel prices slashes from current price Rs 107.25/ litre to 73.31/litre. Similarly, the new price of Kerosene cuts from 77.45/ litre to 33.38/ litre and the LDO new price diminishes from 62.51/ litre to 37.94/ litre. Moreover, the Government is also charging the GST tax on all petroleum products. The GST tax is 17 percent.
Petroleum Levy (PL) New Charges
On the other hand, the Government had also elevated the Petroleum Levy (PL), which is precisely captured from the consumers, with an aim to meet the interest deficiency for March-April 2020. The PL on petrol prices was increased to Rs 19.75 per litre from Rs 4.75 and on diesel was marked up to 25.05 per litre from Rs 7.05. Similarly, PL on LDO was magnified to Rs 4.94 from 1.94 per litre and PL on Kerosene was also increased to 12.33 from 6.33 per litre.