Amid massive crackdown on illegal activities there is a possibility of reduction in the prices of petroleum products from October 1st.

There is a proposal to reduce the price of petrol by Rs15 per litre and high-speed diesel by Rs10 per litre while the price of light diesel oil price is proposed to reduce by Rs12 per litre.

There is also a proposal to reduce the price of kerosene by Rs8 per litre. The final decision will be taken by the Prime Minister in consultation with the Finance Ministry.

The government is levying a levy of Rs.60 per litre on petrol and Rs.50 per litre on diesel and about Rs22 to Rs23 per litre duty is also being charged on petrol and diesel respectively.

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Caretaker Finance Minister Dr Shamshad Akhtar finally revealed how and when the petrol price in Pakistan will be reduced.

She was giving a briefing on the overall economic situation of the country to the Senate Standing Committee on Finance on Thursday.

Caretaker Finance Minister Dr Shamshad Akhtar said that expenditure in excess of income is the real cause of Pakistan's economic problems, and that the country cannot afford Rs 1,300 billion in tax exemptions.

She also said that there is a need to impose capital gains tax on immovable assets.

The minister said that the exchange rate has stabilized, the dollar has come down to Rs 288, remittances have increased, and the ban on imports has been lifted.