Finance Minister Ishaq Dar on Friday announced a reduction in the price of petrol by Rs12.63 per litre and high-speed diesel by Rs12.13.

The new prices will come into effect at midnight tonight, the newly appointed finance minister said while addressing a press conference in Islamabad.

"The petrol price has been reduced to Rs224.80 per litre from Rs237.43 after a reduction of Rs12.63. Likewise, high-speed diesel price is being reduced by Rs12.13. It will now be sold at Rs235.30, [down] from the existing Rs247.43," the minister said.

Similarly, kerosene oil's new price will be Rs191.83 following a Rs10.19 cut and light diesel oil's price will be Rs186.50 after a decrease of Rs10.78.

Dar said the decision to slash prices had been taken after a "detailed discussion" with Prime Minister Shehbaz Sharif.

He said Rs685 billion had been collected in taxes in the month of September while in the third quarter Rs1,635bn were collected against the target of Rs1,609bn.

The minister also underlined that several individuals were facing problems in filing tax returns due to floods and they requested the government to announce an extension in the date.

"In view of the request made by trade bodies and businessmen, we are extending the date for filing income tax returns by a month till Oct 31, 2022. I appeal everyone to file their returns by the new deadline," Dar added.

Shortly after the minister announced the reduction in petrol prices, Maryam Nawaz Sharif — one of the critics of Dar's predecessor Miftah Ismail — tweeted that the move was "finally some relief for the masses" and "glad tidings".

Similarly, the PML-N's official Twitter account tweeted that "more awami relief on its way, Insha'Allah".