LAHORE: Prime Minister of Pakistan Mian Mohammad Nawaz Sharif on Saturday has announced a reduction of Rs5 a litre in the prices of domestic petroleum products from February.While talking to media in Lahore, Sharif said that the federal government has decided to cut petrol and diesel prices by Rs5 a litre.
The announcement came against recommendations of the Oil and Gas Regulatory Authority that suggested to the government to slash diesel price by Rs11 a litre and petrol by Rs7.56 a litre.
International oil prices are trading at 12 year-low levels at around $30 a barrel but the Pakistan government has not substantially passed the benefit of record low prices to the domestic consumers.
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