Asad Umar announces to cut diesel, petrol prices by Rs2 per litre

ISLAMABAD: Government has  decided to cut prices of  diesel and petrol  by Rs2  per litre, said Finance Minister Asad Umar on Friday.

Addressing a press conference , he said the government wants to  pass on less burden to the people and  as much relief as possible.

He said the prices of diesel and petrol are determined after keeping in the view the prices of the time when  the   ships  leave  ports after loading  diesel and petrol.

He said as many two ships of each petrol and diesel   arrived last month.

Umar expressed the hope that prices of diesel and petrol would further come down next month.

He also announced Rs3 reduction per litre in kerosene oil, adding that the government is also reviewing tax  on POL prices.

Commenting on  rupee's devaluation in the inter bank market on Friday, he said it was linked to  increased demand of US dollar and less availability of the greenback. 

He said it was carried out by State Bank of Pakistan and went on to explain as to why the need to do so arises.

Umar said the the dollar's value surged because the government gave subsidies to foreign investors at the expense Pakistan's taxpayer.

He said the previous government artificially  maintained the   value of rupee- dollar exchange rate.