The government on Friday is likely to announce reduction in the price of petroleum products by Rs 16 from October 1.

According to details, the Oil Companies Advisory Council has prepared the working papers, in which the price of high-speed diesel is likely to decrease by Rs 16.61 per liter and the price of petrol by Rs 7.24 per litre, adding that Kerosene oil can be cheaper by Rs 14.20 and light diesel by Rs 10.87 per litre.

The document added that there has been a clear reduction in the ex-refinery price of petroleum products in the last two weeks.

However, the final price announcement will be made by the Ministry of Finance in the evening today (Friday).

On the other hand, Finance Minister Ishaq Dar has reaffirmed the government’s commitment to undertake reforms envisaged under the IMF program.

Talking to IMF Mission Chief Nathan Porter in a virtual meeting on Thursday, he said that the government will take measures to reduce burden on the economy while protecting the vulnerable sections of the population.

He said that the government aims to address structural issues to help country end its fiscal deficit and move towards sustainable growth.

The Finance Minister recalled the meeting of Prime Minister Shehbaz Sharif with IMF Managing Director during his recent visit to the United States in which IMF MD vowed to support Pakistan in this difficult situation caused by the flash floods and reconsider the program conditions.

Speaking on the occasion, the IMF Mission Chief extended felicitations to the Finance Minister on assuming the Finance Ministry and shared IMF’s assessment of the challenges facing the economy.

He also expressed IMF’s support for Pakistan in this hour of need and in this context mentioned the meeting of the MD IMF with the Prime Minister of Pakistan.

The IMF Mission Chief also discussed the support of international lenders for the country to mitigate the effects of flash floods. The Finance Minister thanked the IMF Mission Chief for IMF’s support at a difficult time for global economy.