Prime Minister Nawaz Sharif announced on Saturday that petrol and diesel prices have been reduced by Rs5 per litre.
“It is my pleasure to announce that petrol and diesel prices have been further reduced by Rs5 per ltr,” PM said while addressing the media. “Inflation rate has also fallen below two per cent,” he added.
The government was expected to slash domestic retail prices of petroleum products by up to 17 per cent for February 2016.
“As per my personal assessment it, the price can be cut by more or less Rs5, and it is not final at all,” Petroleum Minister Shahid Khaqan Abbasi told a National Assembly panel in Islamabad on Thursday.
However, sources in the petroleum ministry have suggested that the cut could be bigger.
According to a proposal forwarded to the finance ministry by the Oil and Gas Regulatory Authority (OGRA), prices of petrol could be cut by Rs7.56 per ltr (9.9 per cent), bringing it down from the current level of Rs76.25 to Rs68.69.
Neo Web Desk