PM Shehbaz announces cut in petrol price by Rs18.5 per litre

Prime Minister Shehbaz Sharif on Thursday announced the slashing of petrol price by Rs18.50 per litre as part of measures to ease the burden on the masses.

He also announced reducing the price of diesel by Rs40.54 per litre. The rates go into effect from July 15.

the price of petrol to meet the conditions of the International Monetary Fund (IMF).

The premier said that his government had inherited a troubled economy. "The previous government trampled on the agreement it had with the IMF and laid landmines for us," he said.

PM Shehbaz indicated that the benefit of any further decline in international oil price will also be passed to the public.