ISLAMABAD: The caretaker government has decided to decrease the prices of petroleum products to provide relief to the people.

According to caretaker Federal Minister for Information, Broadcasting and Petroleum Syed Ali Zafar, the government would bear the loss of Rs10 billion due to measures taken for reducing petroleum products.

Minister stated that the decision was taken to provide relief to the masses. Sales tax on high-speed diesel had been reduced by 31 to 24 percent, and on light diesel prices by 17 to 9 percent. The decision would be implemented after midnight tonight (between Saturday and Sunday).

According to details, the caretaker government on Saturday decided to revise down the petroleum prices and new prices would be effective from July 08, 2018.

Minister for Energy Syed Ali Zafar said in a statement that the federal government had decided to reduce petroleum prices in order to provide relief to the general public.

The federal cabinet, he said, had decided that sales tax rates would be reduced from 17 percent to 12 percent for Motor Spirit and Kerosene Oil, from 31 percent to 24 percent on High-Speed Diesel and from 17 percent to 9 percent on Light Diesel Oil.

Ali Zafar said the caretaker government was fully aware of the problems being faced by the people and was determined to reduce their sufferings despite the present financial constraints.

He said the federal government was confident that relief in petroleum prices would not only provide much-needed respite to the masses but also reduce the cost of production and give a boost to economic activity.

On June 30, the government, on the recommendation of Oil and Gas Regulatory Authority (OGRA) had increased the prices of Petrol by Rs. 7.54 per liter, High-Speed Diesel by Rs. 14.00 per liter, Kerosene Oil by Rs 3.36 per liter and Light Diesel Oil Rs. 5.92 per liter.