Finance Minister Ishaq Dar on Saturday announced a reduction of Rs9 per litre in the price of petrol to Rs253.

In a press conference, he also notified a cut of Rs7 per litre in the price of diesel. The new price of diesel will be Rs253.5 per litre.

The new prices come into effect at midnight.

He added that despite an uptick in price of one of the two products in international market, “the increase was offset due to rupee appreciation over past few days”.

“Prime Minister Shehbaz Sharif wants to pass on maximum relief to the people of Pakistan hence the government is not making any change in petroleum development levy (PDL) that is a part of the International Monetary Fund (IMF) deal,” Dar said.