ISLAMABAD: The government on Saturday reduced the price of petrol by nine rupees per litre.

Finance Minister Ishaq Dar made the announcement during the fortnightly review. The price of High-Speed Diesel (HSD) has been reduced by Rs7 per litre.

After the new adjustments, the price of petrol will be will Rs253 rupees instead of Rs262 rupees, while the price of High-Speed Diesel will be Rs253.50 rupees instead of Rs 260.50.  The new prices will be effective from midnight tonight.

The finance minister did not announce any changes in the price of kerosene oil or light diesel oil. He said the appreciation in the value of the rupee had compensated for the price increase of these products.

The finance minister said the price of one petroleum product had witnessed an increase while the price of another went down in the international mark during the last 15 days, without specifying which products he was referring to.

He said there has been no change in the petroleum development levy (PDL) which was increased to Rs55 per litre on the demand of the International Monetary Fund (IMF). He said Prime Minister Shehbaz Sharif wanted to grant relief to the masses and it was decided not to increase the petroleum levy.

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