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ISLAMABAD: The federal government on Tuesday slashed the price of petrol by Rs5.45 per litre for the next fortnight, ARY News reported citing sources.
Prime Minister Shehbaz Sharif has approved the reduction in the fuel price.
According to a notification issued by the finance ministry, petrol will be available at Rs 288.49 per litre from May 1 following a reduction of Rs 5.45.
Meanwhile, diesel price is reduced by Rs8.42 per litre, light-speed diesel (LSD) by Rs5.63 per litre and kerosene oil has been reduced by Rs8.74 per litre and light-speed diesel (LSD) by Rs5.63 per litre.
Read More: Fuel prices likely to fall in Pakistan
Earlier in the day, it was reported Petrol and diesel prices in Pakistan are likely to go down in the upcoming fortnightly review as global oil prices continue their downward trend, ARY News reported on Tuesday, citing sources.
Brent crude futures dipped 10 cents, or 0.11%, to $88.30 a barrel at 0423 GMT, while U.S. West Texas Intermediate crude futures slipped 13 cents, or 0.16%, to $82.50 a barrel.
The front-month contract of both benchmarks lost more than 1% on Monday.
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