ISLAMABAD: A day after resuming the ministry, Finance Minister, Senator Mohammad Ishaq Dar here on Saturday announced reduction in prices of petrol and diesel by Rs 1.80 and Rs 2.50 per litre, respectively with immediate effect.

The Finance Minister said it has been decided with the approval of the Prime Minister that the price of  Petrol will be decreased by Rs.1.80/ litre and Price of  Diesel will be decreased by Rs. 2.50/ litre. The new prices will be Rs. 69.50/litre for petrol and Rs. 77.40/ liter for diesel (HSD).

The Finance Minister said that rates of Kerosene Oil and LDO will not be increased even though substantial increase has been recommended in their prices. He said considering the low income consumers using these products it has been decided to maintain their prices at the current level (i.e. Rs. 44 per liter).

The Minister added that the decision to revise the prices for the month of August could not be taken on 31.07.2017 as there was no Federal Cabinet on that date. The prices during the first five days of August, therefore continued at the level prevalent in July 2017.The new prices are fixed till August 31.