The government Wednesday announced a decrease in the price of petrol by Rs 8 per litre till June 15, reported the 24NewsHD TV channel.
In a televised statement, Finance Minister Ishaq Dar made the announcement to bring down the prices of petroleum products.
The minister said the price of high-speed diesel will also be decreased by Rs 5 per litre.
The new prices of petrol and high-speed diesel are Rs262 and Rs253 per litre, respectively.
The price of light diesel oil (LDO) was also slashed by Rs5 per litre to Rs147.68 while the price for kerosene oil remained unchanged at Rs164.07.
The price cut will come into effect at midnight tonight.
Ishaq Dar said that the prices of oil in the international market had not decreased significantly in the last fortnight and the rupee had also not gained any significant value against the dollar.
“We have tried to give maximum relief to the public,” Dar said.
“It was still attempted considering all the factors that whatever room can be created [for relief] should be done and passed on to the people,” he added.
Dar had also requested transporters and other departments that use diesel to forward relief to the public in the form of lower fares so that every segment of the economy could benefit from the development.
Petrol and diesel prices are revised every fortnight. The prices are determined by international prices and the rupee’s exchange rate since most of Pakistan’s oil is imported.