Pakistan, June 19 -- Pakistan's government on Friday announced a sharp reduction in petroleum prices, cutting petrol by Rs74 per litre and high-speed diesel by Rs67 per litre. The decision was taken to pass on the benefit of declining global oil prices to consumers. The move is expected to ease inflationary pressure on households and transport costs nationwide.

According to the Prime Minister's Office, the new ex-depot price of petrol has been set at Rs299.78 per litre, while diesel will now cost Rs311.78 per litre. Prime Minister Shehbaz Sharif said the government utilised fiscal savings and austerity measures to provide relief to the public. He added that Rs129 billion had been directed toward cushioning the impact of rising fuel costs...