Islamabad: Amid decline oil prices in the international market, the Pakistan government slashed the petrol price by Rs5 per litre.

According to the Ministry of Finance, The new price of petrol will be Rs. 111.60 per litre. The price of diesel has also been reduced by Rs. 5 and now it will be available for Rs112.26.

The finance ministry also announced that kerosene oil’s price has been cut by Rs. 7, which means it will be available for to Rs 92.45 per litre.

The new prices will come into effect from March 1, 2020.

The reduction in the prices was much anticipated as international oil prices fell by a huge margin last week with the Dubai Crude rate coming down from $62 per barrel on Jan 31 to $50 a barrel on Friday, down 19.35%.

The benchmark International Brent price reduced from $60 a barrel to $51 a barrel, down 18.33%.

Petrol price to depreciate by Rs. 5 Per liter, OGRA sends summary