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The new petroleum product prices are a betrayal to the public

“Petrol has been reduced by only 4.74 rupees instead of 15 rupees, and diesel by only 3.86 rupees instead of 7 rupees.”

New Prices of Petroleum Products: Deception with the Public

Lahore (News – May 31, 2024)

New Prices of Petroleum Products: The latest update on petroleum product prices has left the public feeling deceived. According to sources from the Prime Minister’s House, a decision was made to reduce the price of petrol by more than 15 rupees and diesel by more than 7 rupees. However, despite Prime Minister Shehbaz Sharif’s directive, the Ministry of Finance did not issue the notification for the new prices of petroleum products.

Delay in Notification

Government’s Usual Procedure: Generally, the government issues the notification for new petroleum product prices before midnight. However, despite the news of price reduction circulating in the media for several hours, the Ministry of Finance did not release the notification by midnight. Media reports indicate that Prime Minister Shehbaz Sharif had decided to decrease the price of petrol by 15 rupees per liter and diesel by 7 rupees per liter.

Official Price Reductions

Final Notification Issued: The Ministry of Finance has now issued a notification reducing the price of petrol by 7 rupees 74 paisa instead of 15 rupees, and diesel by 3 rupees 86 paisa instead of 7 rupees. According to the notification, the new price per liter of petrol is set at 268 rupees, and diesel at 270 rupees. The price of light-speed diesel has been reduced by 3 rupees 88 paisa to 157 rupees 29 paisa per liter, and the price of kerosene has been reduced by 1 rupee 87 paisa to 171 rupees 61 paisa per liter.

Extension of New Prices

Validity Extended: The application of the new prices of petroleum products will be effective until June 15. Additionally, it has been mentioned that the price of diesel in the global market has decreased by 2.10 dollars per barrel, while the premium on imported petroleum by Pakistan State Oil remains at 6.50 dollars per barrel. Due to the downward trend in global demand, during the past 15 days, petrol and diesel prices have respectively decreased by 3.25 dollars and 2.10 dollars per barrel, compared to the previous decrease of 8.7 dollars and 4.3 dollars per barrel.

petroleum

Premium on Petrol: The premium on imported petrol has also decreased from 10.30 dollars per barrel to approximately 9.70 dollars per barrel, after a reduction of about 7 percent during the past 15 days. According to officials, the price of petrol in the global market has decreased, while the price of diesel has dropped from 99.12 dollars per barrel to 97 dollars per barrel. It should be noted that until May 31, the price per liter of petrol was set at 273 rupees 10 paisa, and diesel at 274 rupees 8 paisa. On May 16, a reduction of 15.93 rupees per liter for petrol and 7.88 rupees per liter for diesel was announced nationwide.

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