ISLAMABAD: The government on Wednesday has announced to decrease the prices of petroleum products for the second half of December.

According to a notification issued by the Finance Division, the price of petrol has been decreased by Rs 5 to Rs140.82 per litre, while price of High Speed Diesel (HSD) has been decreased by Rs5 to Rs137.62 per litre.

The government decided to revise the existing prices "in view of the declining price trend of petroleum products in the global market[s] and [to] transform the impact to the masses", read the notification.

Meanwhile, the prices of Light Diesel Oil (LDO) had been decreased by Rs 7.01 to Rs107.06 per litre, while price of Kerosene Oil has decreased by Rs 7 to Rs 109.53 per litre.

The new prices will be applicable from December 16.

Earlier this week, Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin had said that following the drop in prices in the global market, petrol prices in Pakistan would also be reduced.