Pakistan, June 20 -- Prime Minister Shehbaz Sharif on Friday announced a substantial reduction in petroleum prices and said the government was immediately passing on the benefits of declining global oil prices to the public following improved regional economic conditions and the restoration of peace through Pakistan's diplomatic efforts.

The prime minister said the government was fulfilling its promise to the nation by reducing the price of petrol by Rs74 per litre and diesel by Rs67 per litre, a Prime Minister's Office news release said.

With the latest reduction, the price of petrol will fall from Rs373 to Rs299 per litre, while diesel will decrease from Rs378 to Rs311 per litre, providing significant relief to consumers across the co...