Up to eight percent cut in oil prices notified

[Lahore_Real_Estate]

ISLAMABAD (June 01 2010): The government on Monday cut oil prices up to eight percent per litre on back of the decline in global oil prices effective from June 1, 2010. Oil and Gas Regulatory Authority (Ogra) has issued notification in this regard. The price of petrol has been slashed by Rs 6.04 per litre, HOBC by Rs 7.15 per litre, kerosene oil by Rs 3.40 per litre, LDO by Rs 3.15 per litre, HSD by Rs 1.08 per litre, JP-1 (local) by Rs 3.10 per litre, JP-4 by Rs 2.91 per litre and JP-8 by Rs 3.11 per litre.

The new price of petroleum products stands at Rs 69.04 per litre petrol, HOBC at Rs 82.04 per litre, Kerosene oil at Rs 65.49 per litre, LDO at Rs 62.61 per litre, HSD at Rs 75.72 per litre, JP-1 (local) at Rs 55.36 per litre, JP-4 at Rs 52.63 per litre and JP-8 at Rs 55.08 per litre.

Addressing a press conference, Ogra Spokesman Syed Jawad Naseem said that average Arabian Light crude oil price stood at $77.73 per barrel, Gas oil at $86.50 per barrel, Kerosene oil at $86.80 per barrel and MS at $83.59 per barrel on May 27. On April 29, Arab Light price was $84.12 per barrel, Gas oil at $93.56 per barrel, kerosene oil at $93.87 and MS at $91.38 per barrel.

He said that government had reduced petrol by eight percent, HOBC by eight percent, kerosene oil by five percent, LDO by five percent, HSD by one percent, JP-1 by five percent, JP-4 by five percent and JP-8 by five percent in line with reduction in global oil prices. Responding to a question about the proposed increase in Petroleum Levy (PL) on petroleum products, he said that government had not communicated it to Ogra at this stage