Federal government has decided to reduce prices of petroleum products as price of the commodity falls in international market.

Federal Minister for Finance and Revenue Miftah Ismail has said that government will not wait for July 15 to reduce the prices.

The finance minister also claimed that International Monetary Fund (IMF) has no objection on government’s plan to reduce prices.

The PML-N leader said that nation stood behind Prime Minister Shehbaz Sharif as government took tough decisions and now it is time to give relief to masses.

According to sources, the petrol price could fall by Rs17 while price of diesel is likely to be slashed by Rs40 and kerosene oil by Rs32.