Late last night, the government changed its mind about reducing petrol prices. They had announced a big cut of Rs. 15.4 per liter earlier, but then the Finance Ministry said it would only be Rs. 4.74 per liter.
Before midnight on Friday, the Prime Minister’s Office had said Prime Minister Shehbaz Sharif approved the bigger cut for petrol and a Rs. 7.9 per liter cut for high-speed diesel.
This was supposed to help lower inflation, according to the premier. But unlike usual, the Finance Ministry didn’t officially confirm this before midnight.
How much prices have been reduced?
The Ministry of Finance has officially announced that the price of petrol will only be reduced by Rs. 4.74 per liter, and diesel by Rs. 3.86 per liter. So, the new prices will be Rs. 268.36 per liter for petrol and Rs. 270.22 per liter for high-speed diesel.
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There hasn’t been any explanation from either the Prime Minister’s Office or the Finance Ministry about the earlier announcement of a Rs. 15 per liter reduction in petrol prices.
Many people will be disappointed when they find out that the big reduction in petrol prices they were told about was incorrect.