KARACHI: The Pakistani government on Saturday reduced the price of petrol by Rs4 per liter, the Finance Division announced, amid confusion about bigger cuts in petroleum prices.
The confusion stemmed from a statement issued by Prime Minister Shehbaz Sharif's office that said late Friday the premier had directed authorities to reduce petrol price by Rs15.4 and diesel by Rs7.9.
However, the price of petrol was slashed by only Rs4.74, while that of hi-speed diesel was reduced by Rs3.86, according to a notification issued by the Finance Division early Saturday.
"The prices of Petroleum products have seen a decreasing trend in the international market during the last fortnight," the notification read. "The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices, based on the price variations in the international market."
A liter of petrol now costs Rs268.36, while that of high-speed diesel sells for Rs270.22.
Pakistan revises petroleum prices every fortnight. On May 15, the Pakistani government slashed the price of petrol by Rs15.39 per liter in view of declining global energy prices, bringing major relief to consumers reeling from record inflation over the past two years.
The South Asian country significantly increased fuel prices after securing a short-term, $3 billion loan from the International Monetary Fund (IMF) last year.
The rising rates also led to spiraling inflation in the country, though the government started offering relief to the people by gradually bringing down the petroleum prices.
Pakistan is already in talks with the IMF to secure another loan which is expected to be bigger in terms of size and duration.
