The government has set the petrol rate at Rs268.36 and high-speed diesel at Rs270.22 per litre for the next 15 days, bringing relief to consumers. However, the joy proved short-lived as confusion ensued over conflicting price reduction figures announced by the Prime Minister’s Office (PMO) and the Ministry of Finance.
Initially, the PMO had released figures that were significantly higher than the actual reductions proposed by the finance ministry, causing a mix-up and raising doubts about the decision-making process. Ultimately, the ministry prevailed, leading to a revised decrease in prices for petrol and high-speed diesel.
In addition to the reduction in petrol and diesel prices, the prices of LPG, kerosene, and light diesel oil were also slashed. Ogra attributed the decrease in LPG price to exchange rate gains and a decline in the international market price.
The adjustment in petrol and diesel prices was seen as a strategic move in light of the upcoming IMF bailout, with the government aiming to ensure stability in petroleum product rates.
This series of events highlights the complexity of fuel pricing mechanisms and the impact of global market trends on local consumers.
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