The government announced a Rs15 cut in petrol prices for May owing to sharp decline in crude oil prices in the international market.
The price of petrol has been brought down to Rs81.58 after the reduction while the rate of high-speed diesel has been reduced to Rs80.10.
Kerosene oil and light diesel will be sold at Rs47.44 and Rs47.51 respectively.
The new prices will be effective starting midnight, the notification said.
On Wednesday, the Oil and Gas Regulatory Authority (Ogra) had recommended to the government to reduce petroleum prices by up to Rs44 per litre for May 2020, The News reported.
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 is also charging 17% general sales tax (GST) on all petroleum products. Aside from it, the government is also collecting petroleum levy (PL) on these products, which is directly taken from consumers.
The government, in order to meet the revenue shortfall for March 2020, had increased the petroleum levy (PL) on these products. The PL on diesel was increased by 7.05 to Rs25.05 per litre.
