The government on Saturday slashed petroleum product prices to be effective from August 6 to August 31, 2017.

Finance Minister, Senator Mohammad Ishaq Dar here on Saturday announced that with the approval of the Prime Minister the price of Petrol will be decreased by Rs.1.80/ litre and Price of Diesel will be decreased by Rs. 2.50/ litre.

The new prices will be Rs. 69.50/litre for petrol and Rs. 77.40/ liter for diesel (HSD).

The Finance Minister said that rates of Kerosene Oil and LDO will not be increased even though substantial increase has been recommended in their prices.

He said considering the low income consumers using these products it has been decided to maintain their prices at the current level (i.e. Rs. 44 per liter).

The Minister added that the decision to revise the prices for the month of August could not be taken on 31.07.2017 as there was no Federal Cabinet on that date.

The prices during the first five days of August therefore continued at the level prevalent in July 2017.

The new prices will be effective from 06.08.2017 to 31.08.2017