Pakistan, Nov. 4 -- The federal government on Tuesday reduced the price of petrol by Rs5.45 per litre and that of high-speed diesel (HSD) by Rs3.68.

Following the revision, petrol will retail at Rs369.06 per litre, while HSD will cost Rs391.52.

The prices are applicable for Nov 4 (Wednesday).

The announcement came after the government earlier today said that consumers could expect further "good news" on petroleum prices, adding that it was taking steps to address excessive liquid petroleum gas prices by opening up the market to competition.

Addressing a press conference in Islamabad, Petroleum Minister Ali Pervaiz Malik, alongside Information Minister Attaullah Tarar, stated that Prime Minister Shehbaz Sharif had issued clear instruct...