“Consequent to substantial reduction in fuel prices, I have directed the concerned authorities at Federal and Provincial level to activate a strict price control mechanism. I urge all honorable Chief Ministers to ensure that prices of essential commodities and services are reduced correspondingly,” he wrote on X.

All efforts should be directed towards transferring the benefit of reduction in petroleum prices to the people of Pakistan, he said, adding that strict implementation should be ensured for the provision of essential commodities to the masses.

His statement came a day after the government slashed the petrol price by Rs40 and diesel by Rs15 respectively. The new price of petrol is now Rs283.38/litre and diesel rate is Rs303.18 per litre.

“Owing to the decreasing trend of petroleum prices in the international market and due to the appreciation of the Pakistani rupee against the US dollar, the government has decided to revise the existing consumer prices of petroleum products,” the government said in a notification.

Read: WB projects sluggish growth, high inflation for Pakistan

This is the second time in a row that the caretaker government has reduced petroleum prices after three fortnightly increases.

Last month, the interim setup decreased the prices of petrol by Rs8 and diesel by Rs11 respectively. The new rate of petrol was now Rs323.38 per litre and high-speed diesel was Rs318.18.