The new prices will come into effect at midnight tonight, the newly appointed finance minister said while addressing a press conference in Islamabad.

“The petrol price has been reduced to Rs 224.80 from Rs237.47 after a reduction of Rs12.63. Similarly, high speed diesel price is being reduced by Rs12.13. It will be now be sold at Rs235.30 from existing Rs247.38,” the minister told a press conference.

The minister said the decision to slash prices had been taken after a “detailed discussion” with Prime Minister Shehbaz Sharif.