An announcement to this effect was made by Federal Finance Minister, Dr. Abdul Hafeez Shaikh, while briefing the media at the Governor House here, late Thursday night.

He said "after discussion among coalition partners which was held in a very cordial atmosphere, we have decided that the increase in the petroleum prices which was about 10 percent, be reduced  by half, that is, five percent".

Hafeez Shaikh said that because of this the government would have to bear an additional burden.

He said that in case of any reduction in the petroleum prices in the international market, the benefit of the same would also be transferred to the public.

Finance Minister said that there would also be 25 percent reduction in the allocation of petrol for government officials.