ISLAMABAD: The government slashed on Friday the prices of petrol and high speed diesel by Rs1.5 per litre.
Petrol will now be available for Rs71.3 per litre while diesel will be sold for Rs79.9 per litre from July 1, Finance Minister Ishaq Dar announced at a news conference in Islamabad on Friday.
The prices of light diesel and kerosene oil will remain unchanged at Rs44 per litre, he added.
On Thursday, the Oil and Gas Regulatory Authority (Ogra) had prepared and sent a summary for monthly revision in petroleum product prices to the Ministry of Petroleum and Natural Resources.
Despite a decline of over 50 per cent in global crude prices over the past few years, the consumers have largely been denied a full relief due to hefty taxes. Pakistan continues to suffer from revenue shortfall and a tax-to-gross domestic product (GDP) ratio that is one of the lowest in the region.
