ISLAMABAD: Minister for Finance Ishaq Dar on Friday said the government has decided to reduce petrol and diesel prices by Rs 1.5 per liter while prices of kerosene and light diesel oil will remain the same.
Speaking to mediamen, he said petrol prices will be decreased from Rs 72.80 to Rs 71.30 and diesel prices from Rs 81.40 to Rs 79.90 per liter.
The new prices will be effective from July 1 to July 31, 2017.
The minister said according to directions of Prime Minister, the recommendations of Oil and Gas Regulatory Authority (OGRA) for increase in prices of kerosene oil by Rs 10.95 and Light Diesel Oil by Rs 6.82 were not followed.
The prices of kerosene and light diesel oil were kept unchanged at Rs 44 per liter, he told.
He said the government has absorbed considerable impact of price increases since April 2016 and has suffered considerable loss of revenue.
Ishaq Dar said the government will bear burden of Rs 2.4 billion for not increasing the prices of petroleum products in July.