Finance Minister Ishaq Dar on Tuesday announced a reduction of Rs5 per litre in the price of petrol, Aaj News reported.

In a video message, Dar said that the price of petrol has decreased from Rs272 to Rs267 per litre.

Similarly, the price of high-speed diesel was kept unchanged at Rs280 per litre.

“Kerosene oil’s current price of Rs202.73 is being brought to Rs187.73 after a reduction of 15 rupees. Light-diesel, which is at Rs196.68, is being brought to Rs184.68 after a reduction of 12 rupees,” the finance minister said.

He said the prices would be effective from midnight.

The reduction in petrol price comes amid a significant decline in the oil prices in the global market, allowing the government to provide relief to the already inflation-ridden people.