ISLAMABAD: The federal government on Thursday announced a reduction of Rs8, Rs8.29 and Rs3 per litre in prices of kerosene, light diesel and high diesel, respectively, Radio Pakistan reported.

Addressing a press conference in Islamabad, Finance Minister Ishaq Dar announced the reduction in prices of light diesel, high diesel and kerosene oil, applicable from January 1, 2016, adding that the prices of petrol and high octane are being maintained at the current level of 76.26 and 80.66 rupees respectively.

Light diesel oil (LDO) will now be sold at Rs44.94 a litre while high speed diesel's price stands at Rs80.79 per litre. The price of kerosene has been reduced by Rs8 to be sold at Rs48.25 per litre.

Petrol prices however remain unchanged at Rs76.26 per litre.

According to a Dawn newspaper report, the Oil and Gas Regulatory Authority (Ogra), in its summary had suggested hike in the price of petrol and reduction in prices of the other petroleum products.

Ogra had proposed a Rs2.17 per litre hike in the price of petrol,

A reduction of Rs8.29 per litre was proposed in the price of light diesel oil which is used in some farm machines and to operate mills and pumps while price reduction of Rs4.33 per litre was suggested for high octane blending component and Rs7.92 for kerosene.

Related: Ogra suggests hike in petrol price, cut in rates of other fuels