Finance Minister Ishaq Dar announced on Wednesday that the price of petrol was being reduced by Rs8 and high-speed diesel (HSD) by Rs5 per litre for the next fortnight.
The new prices of petrol and HSD are Rs262 and Rs253 per litre, respectively.
The price of light diesel oil (LDO) was also slashed by Rs5 per litre to Rs147.68 while the price for kerosene oil remained unchanged at Rs164.07.
In a video address, he said that there was no substantial change in the international prices of petroleum products in the last 15 days and neither had the rupee appreciated against the dollar.
“But the government tried to create as much room as possible to provide relief to the people,” the finance minister said.
The cuts come on the heels of a previous round of price reductions in the prices of petrol, HSD and LDO on May 15 by Rs12, Rs30 and Rs12, respectively.
While announcing these cuts in prices, Dar had also requested transporters and other departments that use diesel to forward relief to the public in the form of lower fares so that every segment of the economy could benefit from the development.