Prime Minister Nawaz Sharif announced on Saturday Rs5 per litre reduction in petrol and diesel prices.

While addressing the media, the premier said, “It is my pleasure to announce that petrol and diesel prices have been further reduced by Rs5 per litre. Inflation rate has also fallen below two per cent.”

The government was expected to slash domestic retail prices of petroleum products by up to 17 per cent for February 2016.

“As per my personal assessment it, (the price) can be cut by more or less Rs5, and it is not final at all,” Petroleum Minister Shahid Khaqan Abbasi told a National Assembly panel in Islamabad on Thursday.

However, sources in the petroleum ministry have suggested that the cut could be bigger.