Petrol price slashed by Rs 4.74/litre, HSD by 3.86/litre

Finance Ministry issues notification after initial uncertainty regarding rate cut on the directives of the PM

The Ministry of Finance on Saturday declared a reduction in fuel rates, slashing petrol by Rs4.74 per litre and high-speed diesel (HSD) by Rs3.86 per litre, after initial uncertainty regarding rate cut on the directives of the prime minister.

State-run news agency reported that Prime Minister Shehbaz Sharif on Friday directed the Ministry of Finance to cut the price of petrol by Rs 15.4 per liter and that of diesel by Rs 7.9 per liter.

The government’s pro-people policies have led to a notable decline in inflation and a stabilisation of the economy, the news agency said this in its report quoting a statement by the PM Office.

However, the PM Office promptly clarified that the previously announced figures were outdated and pertained to the adjustments from the previous month.

Subsequently, the finance ministry issued its biweekly notification. The new fuel prices will be effective from June 1, 2024 and remain valid for the next fortnight.

Earlier, it was reported by Profit that petrol prices are estimated to decrease by Rs 5.25 per litre while rate of HSD could see a drop of Rs 4.13 with the start of new month.

The prices of petrol and HSD had declined in the international market by about $3.25 and $2.10 per barrel, respectively, in the last fortnight. This follows a previous fortnight’s drop of $8.7 and $4.3 per barrel for petrol and HSD, respectively.

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