ISLAMABAD - Prime Minister Muhammad Nawaz Sharif has written a letter to all provincial chief ministers after reduction in petroleum prices as a result of the appreciation of Pakistan rupee against US dollar to pass on the same benefit to the common man.

The appreciation in rupee value vis-à-vis US dollar has marked a decrease of 5 per cent in import costs of petroleum products. "It is high time to pass on benefits of cheaper imports and cheaper cost of transportation to the citizens," the Premier wrote in his letter to the chief ministers. It adds, "The people of Pakistan expect reduction in fares of urban and inter-city transport as well."

In his letter to chief ministers, the PM further stated, "We expect lower prices of essential commodities due to lower transportation costs. I expect your personal interest and strong follow-up for immediate relief to the people of Pakistan."

Earlier, the prime minister approved reduction in prices of petroleum products after having briefing on the matter from Finance Minister Ishaq Dar.

Ishaq Dar in his meeting with the premier also briefed him on the overall economic situation in the country. He informed that as the US dollar slides down to Rs 98, therefore, imports would receive positive impetus.

Keeping in view these factors, the prime minister directed to pass on the benefits of currency stabilisation to common man and also gave approval to the reduction in the prices of petroleum products from today (Tuesday).