Petrol price reduced by only Rs4.74 per litre

ISLAMABAD: The Ministry of Finance has announced a reduction of less than Rs5 per litre in the price of petrol, contrary to earlier reports of a more substantial cut of Rs15 per litre.

As per an official notification, the government has decided to lower the price of petrol by only Rs4.74 per litre and high-speed diesel (HSD) by Rs3.86 per litre.

The announcement followed initial confusion caused by a premature report from state-run broadcaster PTV, which mistakenly reported that Prime Minister Shehbaz Sharif had directed a reduction of Rs15.4 per litre for petrol and Rs7.9 per litre for diesel for the first half of June 2024.

This erroneous information, posted on PTV’s official X account, was quickly retracted but had already sparked widespread confusion.

Several news channels and media outlets picked up the incorrect figures, believing them to be accurate. The PM House soon issued a clarification, stating that the figures mentioned were outdated and related to adjustments from the previous month.

Subsequently, the Finance Ministry released its fortnightly notification, confirming the new, more modest reductions.

PTV had claimed that the government’s “people-friendly policies” were fostering economic stability and had achieved a clear reduction in inflation. 

Prior to the official announcement, it was widely anticipated that the reduction in petrol prices would not exceed Rs5 per litre. The premature report of a Rs15 reduction had surprised many, as it was significantly higher than expected. 

This recent adjustment in fuel prices aims to provide some relief to consumers while maintaining economic balance.

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