Finance Minister Miftah Ismail on Wednesday said the summary to reduce prices of petroleum products will be sent to Prime Minister Shehbaz Sharif today for approval.

Radio Pakistan quoted the minister as telling a private TV channel that the prices would be slashed on the directives of the prime minister to provide relief to the people.

A day ago, PM Shehbaz had sought a summary from the ministries of finance and petroleum, carrying a proposal for reduction in prices of petroleum products in view of decreasing crude rates in the international market.

The premier had chaired a meeting yesterday and asked the ministries concerned to move a summary suggesting reduction in petroleum prices, saying "the government has decided to pass on benefit of reduced oil prices in international market to the consumers."

He had said the government would reduce oil prices transparently at par with the reduction in the international market, which according to the PM Office statement, was a "gift to people on the occasion of Eidul Azha".

The government had last announced a hike of Rs14.85 per litre in the price of petrol on June 30, the fourth such raise in the last 35 days, taking the cumulative amount of all hikes since May 26 to nearly Rs100.