Is Google penalizing mobile sites which have low loading speed?

[avinash]

Google to penalise slow loading mobile sites from July ... The planned update has been dubbed the “Speed update” by Google. Once it goes live in July pages that are slow to load on mobile devices will ... Sites with slow pages will not disappear from the results, but will likely rank lower in search results.

From what source are you getting that information can you elaborate?

And to OP I say that it surely looks that way. But I highly doubt it because a few milli seconds back and forth cannot be responsible (or shouldn'e be) for a page's rank atleast not by me.