The federal government announced a new tariff for petroleum products on Saturday, reducing the per-litre price of petrol and diesel by Rs2.07 and Rs2.00 respectively.

From April 1, 92 RON petrol will be sold for Rs86 and high speed diesel for Rs96.45, while prices of kerosene and light diesel will be maintained, a press release by the Ministry of Finance stated.

The statement said the Oil and Gas Regulatory Authority (Ogra) had asked that the prices of light diesel and kerosene should be increased — recommendations that were not adopted and thus respective price for the products maintained at Rs65.30 and Rs76.46 respectively.

The ministry, however, also stated that Ogra had asked for a greater price cut for petrol — another recommendation that could not be followed completely as, the ministry explained, the price cut granted in previous months was more than what was asked for.

The prices will remain effective until April 30.

Based on existing tax rates and import prices reported by Pakistan State Oil, Ogra had recommended a reduction of Rs5.26 per litre in the price of petrol for April.

The regulator had also recommended an increase of 65 paisa per litre for high speed diesel, 55 paisa per litre for light diesel oil and 13 paisa per litre for kerosene.