Nishant, I'll start with your last question first - I think it's worth clarifying the difference between head and developed presssure, you haven't specified what kind of pumps you are working with, which would be useful, but I'll assume it's centrifugal.
(Theoretically) these pumps will always supply a given head regardless what type of fluid they are pumping, if you are running oil through it you should get the same head as if you ran water through it (again theoretically assuming the pump is designed to handle both of these fluids optimally and with minimal losses etc.). The difference however is the power required to achieve this head, for an oil with a lower density than water less power will be required to achieve the same same head as would be with a column of water e.g. raising the oil column by 20m consumes less power than raising the water column 20m.
So yes, both of your pumps being identical they should provide the same head, but as you correctly observed the higher density liquid will undergo a greater increase in pressure, as others have pointed out here there are a number of reasons why this discharge pressure may be less. I'd hazard a guess at a lower suction pressure; whilst Gerardo is correct in stating that liquid at a higher pressure (travelling at higher velocity) will induce more losses than a lower pressure fluid I don't think these losses would ever be sufficient to lower it below the outlet pressure of the lower pressure liquid.
As for the pressure it may be worth observing the mass flow rate: since your volumetric flow is the same the mass flow will be higher for the denser fluid, just running the numbers in my head it looks to me that the power you will be putting into liquid B is much higher than the power supplied to liquid A - with more energy and more head, you are generating a higher output pressure, overcoming the discrepency that would be caused by the density. If this is the case then your pump is either much better suited to handling this fluid or not designed for handling Liquid A at all. The more information you can provide the better - can you measure the pump RPM/power whilst these two fluids are being pumped and does this agree with my calculation/observations?
3.
Edited by Three, 11 January 2016 - 02:29 PM.