Petrol price confusion: They reduced the petrol price but increased electricity rates.

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Islamabad: 1 June 2024: On Friday night, many Pakistanis rejoiced upon hearing news of a significant drop in petrol prices. However, their happiness was short-lived as they woke up the next morning to discover that the reduction was not as substantial as initially reported by the media. The confusion arose following an announcement from the Prime Minister's Office indicating a significant decrease in petroleum product prices.

According to this announcement, the price of petrol was to be reduced by Rs15.4 per liter and diesel by Rs7.9 per liter.

However, this statement from the PMO caused confusion, leading to a delay in the official notification, which was eventually issued after midnight. The Ministry of Finance, in its notification, confirmed that the federal government had indeed reduced the price of petrol for the third consecutive fortnightly review, citing a decline in global oil prices as the rationale behind the decision.

s of June 1, the Ministry announced a reduction in the price of petrol to Rs268.36 per liter, down by Rs4.74 from its previous rate of Rs273.10 per liter. Similarly, the price of high-speed diesel has been lowered to Rs270.22 per liter, a decrease of Rs3.86 from its earlier price of Rs274.08 per liter.

A notification from the finance ministry attributed these adjustments to a declining trend in international petroleum product prices over the past fortnight. The Oil & Gas Regulatory Authority (OGRA) has determined these consumer prices based on fluctuations in the global market.

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