The government has announced a further reduction of Rs 7 per liter in the petrol price.
According to a statement issued by the Finance Division, the price of petrol has been reduced by Rs 7.6 per liter, after which its new price will be Rs 74.52 per liter.
The price of high-speed diesel has been increased by 5 paise per liter after which its new price will be Rs 80.15 per liter.
The statement said that the price of kerosene has been reduced by Rs 11.88 paise after which its new price will be Rs 35.56 paise.
Similarly, after a reduction in the price of light diesel oil by Rs9.37 per liter, the new price will be Rs38.14 per liter.
In this regard, Prime Minister Imran Khan said that "compared to other countries in South Asia, our fuel is now available at the lowest prices."
"In India, it is twice as expensive as in India, while in Bangladesh, Sri Lanka and Nepal, it is 50 to 75 percent higher than ours," he tweeted.
It may be recalled that on May 29, the Oil and Gas Regulatory Authority (OGRA) had sent a summary of reduction in prices of petroleum products to the Petroleum Division from June 1.
According to the summary, OGRA had proposed a reduction in the price of petrol by Rs 7.6 paise from Rs 81.58 paise to Rs 74.52 paise.
OGRA had also recommended a reduction in the price of kerosene by Rs11.88 paise and light diesel by Rs9.37 paise.
Earlier, the government had announced a reduction of up to Rs 30 in the prices of petroleum products for the month of May.
In a statement issued by the Finance Division, the price of petrol has gone up by Rs 15 per liter, while the price of high-speed diesel has gone up by Rs 27 to 15 paise.
The price of kerosene was reduced by Rs 30 per liter and light diesel by Rs 15 per liter.