Petrol prices have been revised in favour of the public as the tariff is reduced by Rs 1.80 per litre as announced by Finance Minister Ishaq Dar on Saturday.

Dar made the announcement a day after he took oath as the finance minister of Pakistan in cabinet of newly appointed Prime Minister (PM) Shahid Khaqan Abbasi.

On July 28, Oil and Gas Regulatory Authority (Ogra) recommended Rs 3.67/ litre cut in petrol price .

The finance minister said it has been decided with the approval of the prime minister that the price of Petrol will be decreased by Rs 1.80/ litre and price of Diesel will be decreased by Rs 2.50/ litre . The new prices will be Rs . 69.50/litre for petrol and Rs 77.40/ liter for diesel (HSD).

The finance minister said that rates of Kerosene Oil and LDO will not be increased even though substantial increase has been recommended in their prices.

He said  considering the low income consumers using these products it has been decided to maintain their prices at the current level (i.e. Rs . 44 per liter).

The minister added that the decision to revise the prices for the month of August could not be taken on 31.07.2017 as there was no Federal Cabinet on that date. The prices during the first five days of August, therefore continued at the level prevalent in July 2017.