Finance Minister Ishaq Dar announced massive decreases in petrol prices for the fortnight beginning from May 16.

Petrol price has been decreased by Rs12 to Rs270.

The price of diesel has been decreased by Rs30 to Rs258.

The prices of kerosene and light diesel have been decreased by Rs12 each to Rs164 and Rs152 respectively.

Dar appealed to transporters and other sectors of the economy to pass on the benefit of decreasing fuel prices to the consumer, so the entire economy could feel the effects of the price decrease.

He also said that the current government had always tried to pass the benefit of decreasing oil prices in the international market to the consumers.

Oil prices are one of the key factors drive inflation in the country, affecting virtually every branch of the economy as well as directly affecting vehicle owners. The rise and fall of prices in the international market, coupled with the ever-decreasing value of the Rupee against the Dollar have led to record high oil prices in Pakistan over the last year, leading to record-high inflation.