After the initial price confusion, the finance ministry announced a late night cut in petrol prices by Rs 4.74 paise per liter and diesel by Rs 3.86 paise per litre.
After the reduction, the price of petrol per liter has gone up to Rs 268 36 paise and the price of diesel has gone up to Rs 270 22 paise per litre.
State broadcaster PTV had reported that the Prime Minister had directed the finance ministry to significantly reduce the price of petrol by Rs 15 40 paisa and diesel price by Rs 7 90 paise, according to the initial report posted on PTV’s X account. It was then promptly removed.
Immediately after this, the Prime Minister House issued a clarification statement saying that the previously released figures were related to the old and last month’s adjustments, later the Finance Ministry issued a notification of new prices, which confirmed that the prices were marginal. has been reduced.
In the deleted tweet, the Prime Minister had said that as a result of the current government’s people-friendly policies, there has been a clear reduction in inflation and economic stability.
A Dawn newspaper report on May 29 stated that due to bearish trend in the global market, petrol and diesel prices across the country are likely to decrease from around Rs 6.50 to Rs. 7.50 on May 31.
Sources said that during the last 15 days, the price of petrol and diesel in the global market has decreased by 3.25 dollars and 2.10 dollars per barrel, respectively, while it has declined by 8.7 dollars and 4.3 dollars per barrel in the last 15 days.
After the final calculation of Inland Freight Equalization Margin (IFEM), petrol price was estimated to decrease by Rs 7.25 paise and diesel price by Rs. 6.25 paisa. Duran fell nearly 7 percent from $10.30 a barrel to $9.70 a barrel.
However, the rupee has depreciated by 10 paise over the last 15 days against the US dollar, thus the current price of petrol is estimated at Rs 273 at 10 paise, down by Rs 7 per litre.
The price of diesel in the global market was also reduced by 2.10 dollars per barrel, while the benchmark import premium paid by Pakistan State Oil remained at 6.50 dollars per barrel, so the price of diesel per liter may decrease by 6 rupees 25 paise. However, it depends on IFEM’s final calculations, currently the price of diesel is Rs 274 8 paise.
Officials had said that the price of petrol in the global market has decreased from about 95 dollars per barrel to about 98.27 dollars per barrel, while the price of diesel has come down to 97 dollars from 99.12 dollars per barrel. As a result, petrol and diesel prices across the country were also announced to be reduced by Rs 15.93 and Rs 7.88 per liter from May 16, respectively.
