ISLAMABAD: Prime Minister Nawaz Sharif announced on Monday a reduction of Rs8.48 per litre in the petrol price.
According to the premier, the decision has been taken keeping in view common people's interest and to provide them relief.
After the reduction, the new price of petrol has become Rs62.77 per litre.
Oil prices expected to be slashed by up to 12% in March
Further, the price of Hi-Octane was decreased by Rs2.98, hi-speed diesel 4.67 while light diesel 1.97 per litre and kerosene oil Rs1.66.
The reduction came after a fall in international oil prices in the wake of the US lifting sanctions against Iran, with Pakistan also dropping restrictions on the country.
Last month, the Oil and Gas Regulatory Authority (Ogra) had recommended a 17% cut (between Rs7 and Rs11) in oil prices for February due to sharp decline in global oil prices, but the government slashed the rate by just Rs5, absorbing the remaining impact in General Sales Tax (GST).
Fuel prices may be slashed by 17%
The government decided last month to fix the rate of GST like the petroleum levy to prevent revenue loss following the decline in domestic oil prices.
Since prices began to fall in the international market, the government had claimed that it has passed it on to consumers, slashing fuel prices by as much as Rs40.