An announcement to this effect was made by Federal Finance Minister, Dr. Abdul Hafeez Shaikh, while briefing 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.
Hafeez Shaikh said that a decision has been taken in principle to reduce the recent increase in the petroleum prices by 50 percent.
He said that a formal approval would be sought from the Prime minister and a notification would subsequently be issued.
Sindh Governor, Dr. Ishrat-ul- Ebad Khan, said that after the increase in petroleum prices in the wake of enhancement in the price of the commodity at international level, the chief of the Muttahida Qaumi Movement (MQM), Altaf Hussain, talked to President Asif Ali Zardari, and it was considered as to how the impact of the enhancement could be minimised for the masses.