Government Retracts Announcement on Petrol Price Cut: Actual Reduction Much Lower

Announcement on Petrol Price Cut

In an unexpected turn of events, the federal government reversed its earlier announcement of a Rs. 15.4 per liter reduction in petrol prices, revealing a significantly smaller cut of Rs. 4.74 per liter.

Late Friday night, at around 10:30 pm, the prime minister’s office issued a statement indicating that Prime Minister Shehbaz Sharif had approved a Rs. 15.4 per liter decrease in petrol prices and a Rs. 7.9 per liter reduction in high-speed diesel prices. The statement also quoted the prime minister attributing the price cuts to government policies aimed at reducing inflation.

Contrary to standard procedure, the Ministry of Finance did not issue a notification confirming these price reductions before midnight.

The actual price reductions, as per the Ministry of Finance’s notification, are Rs. 4.74 per liter for petrol and Rs. 3.86 per liter for diesel. The new prices are set at Rs. 268.36 per liter for petrol and Rs. 270.22 per liter for high-speed diesel.

Neither the Prime Minister’s Office nor the Ministry of Finance has provided an explanation for the discrepancy between the initial announcement and the final notification.

As a result, many citizens will be disappointed to learn that the anticipated major reduction in petrol prices was incorrect.