Govt finally cuts prices of petrol by Rs4.74, HSD by Rs3.86

Islamabad: The Shehbaz government finally announced a reduction in fuel prices on early Saturday, cutting petrol by Rs4.74 per litre and high-speed diesel (HSD) by Rs3.86 per litre.

The announcement came after state-run broadcaster PTV reported that Prime Minister Shehbaz Sharif had directed a more substantial reduction of Rs15.4 per litre for petrol and Rs7.9 per litre for diesel for the next fortnight.

Earlier, confusion prevailed about the reduction in the prices of petroleum products and a premature report, posted on PTV’s official X account, was quickly withdrawn.

The Prime Minister's House soon issued a clarification, stating that the previously reported figures were outdated and related to the previous month’s adjustments. Following this, the ministry released its fortnightly notification confirming the new, more modest reductions.

New Petroleum Prices from 1st June, 2024. pic.twitter.com/XrOfTZGVGb

— Ministry of Finance, Government of Pakistan (@Financegovpk) May 31, 2024

On Friday night, PM Shehbaz Sharif reportedly directed the finance ministry to cut the petrol price by Rs15.4 per litre for the next fortnight.

According to a statement issued by state-run broadcaster PTV, the “people-friendly policies” of the government had brought economic stability and achieved a clear reduction in inflation.

The statement also mentioned a cut of Rs7.9 per litre in the price of diesel. On May 16, the government reduced the price of petrol by more than Rs15 per litre.