Prime Minister Shehbaz Sharif has announced a reduction in the prices of petroleum products.

Addressing the nation, the prime minister announced that the price of petrol was being cut by Rs18.50 per litre and diesel by Rs40.54 per litre.

He explained why his government had to increase petrol prices after taking over. “We had increased the fuel prices to meet the conditions laid forth by the International Monetary Fund (IMF), which were agreed by the previous government,” he added.

“However, now as the prices are declining in the international market the government has decided to pass on the relief to people and therefore reduced the price of petrol and diesel by Rs18.50 and Rs40.54 per litre, respectively,” he added.

The new price of petrol will be Rs230.24 per litre while diesel will be available at Rs236 per litre. The Prime Minister said that the new prices of petroleum products would come into effect from 12 noon tonight.