ISLAMABAD: The prices of petroleum products are likely to be decreased by 18 percent effective from July 01, official sources confirmed here on Friday.

Talking to APP, an official informed that the price of petrol will be decreased by Rs.5.2 while price of HOBC will be cut down by Rs.6.44.

Similarly, Kerosine oil and High Speed Diesel will be reduced by Rs.2.54 and Rs. 2.48 respectively. The price of Light Diesel will be decreased by Rs.2.86.

The official sources said the Ministry of Finance has signed the summary of the new prices of petroleum products and sent it to the concerned department for formal announcement.

He also opined that the provincial governments should ensure that the benefit of the reduced prices is passed on the common consumers.

The provincial government should also make concrete steps to reduce transports fares in the light of decrease in prices of petroleum products, he said.