India, April 5 -- A day after an unprecedented surge in fuel prices triggered severe backlash, Pakistan Prime Minister Shehbaz Sharif has announced slashing the petrol price by PKR 80.

Sharif, in a midnight address on Friday, announced that the Government has decided to reduce the petrol levy by PKR 80 per litre, making the commodity available to the end consumer for PKR 378 per litre. The Government on Thursday announced an unprecedented hike of 43 per cent and 55 per cent in the prices of petrol and high-speed diesel (HSD), respectively. The rise in petrol price from PKR 321.17 to PKR 458.41 per litre came as the Government levy increased from PKR 105 to PKR 160 per litre.

The Government had also increased HSD price by PKR 184.49 per ...