Prime Minister Shehbaz Sharif has announced a decrease in the prices of petroleum products, 24NewsHD TV channel reported Thursday.
The price of petrol has been cut by Rs18.50 per litre and diesel Rs40.54 per litre.
The prime minister said he inherited a troubled economy from the previous government.
He continued: “The PTI government cut fuel prices during its final few weeks to add to public woes and the coalition government’s worries. The government had to increase petrol prices after the takeover.
“With a heavy heart, and due to rising oil prices in international markets, we increased prices, leaving the underprivileged burdened.
"We had no other way. We had to take tough measures.”
He heaped praise on Finance Minister Miftah Ismail for his part in reviving the loan facility with the International Monetary Fund but hoped that the current deal would be the last one.
"After this, we will try to stand on our own feet. I reassure you that good times will come soon."