Federal government has announced to slash the prices of the petroleum prices.

Federal minister for finance Muhammad Ishaq Dar announced to slash the price of petrol by Rs 10 per liter and diesel by Rs 7.5 per liter.

Following the price revision, a liter of petrol will be available at Rs 214.8 per liter while high speed diesel will cost Rs 227.8 per liter.

Ishaq Dar also announced to reduce the price of light diesel by Rs 10 per liter and its new price will be Rs 169 per liter. Besides, he also announced to cut the kerosene oil price by Rs 10 per liter. Following the price reduction, a liter of kerosene oil will cost Rs 171.83 per liter.

On the other hand, Pakistan Business Council termed the act of slashing the oil prices as violation of agreement with International Monetary Fund.

In a statement, PBF said that this price reduction was a violation of IMF agreement and political expediencies can lead Pakistan towards default. PBF said that reducing oil prices instead of reducing inflation will reduce the Pakistan foreign currency reserves.

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