In a move that will bring relief to millions of Pakistanis, the government has announced a significant reduction in the price of petroleum products.

The government of Pakistan has announced a significant reduction in the price of petroleum products with immediate effect.

According to reports, the price of gasoline decreased by $4.74 per liter. In addition, the price of high-speed diesel was reduced by $3.86 per liter.

With this adjustment, the new petrol price is $268.36 per liter and the fast diesel price is $270.22 per liter. The new oil prices will come into effect two nights after June 1.

The decision came as a relief to the public by offering some relief from the previous fuel prices.

The Finance Ministry has given relief to the public, contrary to the directive issued by Chief Minister Shehbaz Sharif. Despite the delay in issuing the oil price cut notification, the ministry has decided to implement the proposal.

The ministry said the move was in line with the recommendations of the Oil and Gas Regulatory Authority (Ogra), citing the fall in global petrol prices. Ogra has recommended lower prices for consumers due to the sharp decline in the global market.