ISLAMABAD: The Federal Ministry of Petroleum had agreed in principle to slash the prices of all petroleum products and Compressed Natural Gas (CNG) with effect from midnight on Monday, October 22, DawnNews reported on Sunday.

The per litre price of petrol was reduced by Rs 2.32 whereas the price of CNG was slashed by Rs 2.12 per kilogram.

Similarly the ministry gave approval for the reduction of per litre prices of High Speed Diesel, Light Diesel Oil (LDO) and kerosene oil by Rs 0.33, Rs 0.50 and Rs 0.61 respectively.

The summary of the price slashing report, based on the workings of Pakistan State Oil (PSO) and approved by the Petroleum ministry, would be forwarded to the Federal  Ministry of Treasury and Finance for approval.

A notification for the price change would be issued after the recommendations are approved by the Ministry of Finance.

The weekly pricing formula is implemented to compensate for the fluctuate price of petroleum products in the international market.