ISLAMABAD: Finance Minister Ishaq on Sunday announced reducing the price of diesel by Rs5 per litre while keeping the price of petrol unchanged for the next fortnight, effective from April 1.

In a televised address, he said the new prices had been worked out to provide “maximum relief” to the masses on the instructions of Prime Minister Shehbaz Sharif.

The financial czar also announced Rs10 per litre reduction in the prices of Kerosene oil and Light Diesel Oil (LDO) each.

Following the notification of new prices, petrol will be available at Rs282, HSD Rs288, kerosene oil Rs176.07 and light diesel oil Rs164.68 per litre.

Diesel is widely used in the transport and agriculture sectors. The reduction in its price could bring inflationary impact down and relief for farmers as the crop-harvesting season has kicked off.

Consumers are already facing high prices, especially the low-income group, who have motorbikes and small cars.

In its last fortnight announcement, the federal government increased the price of petrol by Rs10 and the price of kerosene oil by Rs5.78 “in the wake of the increase in petroleum prices in the international market and exchange rate variations.”

Earlier, sources in oil marketing companies (OMCs) told Geo News that the price of petrol was likely to be declined by Rs4.5 per litre while the price of diesel was expected to go down by Rs6 per litre.