As the elections near, and a helpful fall in prices of petroleum products in the international market, the government on Saturday approved cuts of up to Rs6.44 for fuel.
The new prices will be effective between July 1 and July 15.
According to a notification issued by the Oil and Gas Regulatory Authority (OGRA), prices of petrol were reduced by Rs5.02. This is the second reduction in prices of petrol in the past month.
Prices of high speed diesel and light diesel were reduced by Rs2.48 and Rs2.46 respectively.
Price for high octane (HOBC) was reduced by Rs6.44.
Kerosene oil was also made cheaper by Rs2.54.
Gas prices reduced
Ogra also notified reduction in prices of gas and CNG by as much as 51%.
The notification read that prices of gas for home users have been reduced between 18.07% and 51.07%.
Prices of CNG were also reduced by 7.07%.
In contrast, however, the government has decided to increase the prices for gas being made available to the industries, power plants and IPPs. Rates for these sectors have been hiked by 10.03%.