Islamabad: Pakistan Prime Minister Nawaz Sharif has announced a steep reduction in petrol price by Rs 9.43 a litre. The new price shall be effective from midnight today.
The price of diesel has been slashed by Rs 6.18 per litre and kerosene oil by Rs 8.16. High-octane has also been decreased by Rs 14.68 per litre.
Nawaz Sharif announced the decrease in petroleum products during the special cabinet meeting.
Sharif asked chief ministers of all four provinces to ensure that transport fares be reduced proportionally so that people get the benefit.
Goods transporters in Pakistan have announced a 5 percent reduction in freight rates across the country. The president of Goods Transporters Association Khalid Khan said the road transport freight from Karachi to Lahore would be reduced by Rs 5,000.
However, Karachi Transport Ittehad refused to reduce fares in the city. The transport ittehad said, they would consider lowering fares when the price of petrol and diesel decrease to below Rs 93 a litre.