Federal Minister for Finance and Revenue, Senator Muhammad Ishaq Dar on Saturday said that the government has reduced the price of petrol by Rs9 per litre, while the rate of high-speed diesel (HSD) slashed by Rs7 per litre.

In a televised address on Saturday, the finance minister said one petroleum product had witnessed increase while the price of another went down in the international market during the last 15 days.

Following the reduction, the petrol will be available at Rs253 per litre while the price of HSD will be Rs253.50 per litre.

Dar said no changes had been made to the petroleum development levy (PDL) which was increased to Rs60 per lite on the demand of International Monetary Fund (IMF).

The new prices will be effective from July 16 (Sunday).

The finance minister said the local currency had appreciated against the US dollar in the last 15 days after Pakistan signed a staff-level agreement with International Monetary (IMF) on $3 billion Stand-By Arrangement (SBA).

He further said that Prime Minister Shehbaz Sharif wanted to pass as much relief to the masses as possible.