The Finance Ministry has defied the directives of Prime Minister Muhammad Shehbaz Sharif to slash the prices of petroleum products.

The premier directed the finance ministry to cut petrol price by Rs15.4 per litre and diesel price by Rs7.9 per litre for the next fortnight to bring relief to the public grappling with inflation.

However, the finance ministry brought the price of petrol by Rs4.74 per litre and the price of diesel by Rs3.86 per litre.

Cut petrol price by Rs15.4 per litre, PM to Finance Ministry

The press release issued by the finance division states: "The prices of petroleum products have seen a decreasing trend in the international market during the last fortnight.

"The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices, based on the price variations in the international market.

The prices of Motor Spirit & HSD for the next fortnight, starting from June 1, 2024, are accordingly being lowered as follows:

According to a PMO press release, Prime Minister Muhammad Shehbaz Sharif has directed the Finance Ministry to reduce the price of petrol by Rs15.4 per litre and diesel by Rs7.9 per litre.

It cited the premier as saying: “As a result of the people-friendly policies of the current government, there has been a clear cut in inflation.”

Petrol is used in motorbikes and cars and is considered an alternative to compressed natural gas (CNG), especially in the Punjab province.

Diesel is widely used in the transport and agriculture sectors; therefore, a reduction in its price is poised to significantly impact inflation countrywide.