Finance Minister Ishaq Dar has announced a significant reduction in petrol prices on Friday, cutting the cost by Rs12.63 per litre to Rs224.80 per litre.

A reduction of Rs12.13 has also been made to the cost of high-speed diesel, bringing the new price down to Rs235.30 per litre. After a reduction of Rs10.19 per litre, the cost of light diesel oil will be Rs191.83, according to Geo News.

The new petrol price will go into effect after 12 AM.

According to a statement from the Finance Division, the government decided to lower the price of petroleum goods in response to a drop in the price of these products on the global market and to help consumers who had been affected severely by inflation.