ISLAMABAD : Finance Minister Ishaq Dar has announced Rs 1.5/litre cut in petrol and diesel tariffs from Friday midnight onwards until July 31st.
The minister held a press briefing and laid out the revised tariff for petroleum products.
Prices of kerosene oil and light diesel have been maintained for the coming month whereas those of petrol and diesel have been subjected to a revision.
Petrol pumps are to stand petrol price at Rs 71.30 per litre and that of diesel at Rs 79.90 per litre.
According to the finance minister, the government has not passed the full benefit to the consumers as some amount has been retained. An an analyst claimed that some of the amount has been retained to boost revenue collection.
Earlier this month, Oil and Gas Regulatory Authority (OGRA) had sent a summary to the Ministry of Finance.
It was reported on Thursday that price of petrol could go by Rs 3.30/litre while 2.70/litre in the case of diesel. It should be noted here spikes were recommended for prices of kerosene oil and light diesel by the regulatory body.
The Finance Minister laid bare the details today and the revised prices are to be enacted from tonight 12:00am onwards.