The government announced on Saturday a Rs5 decrease in the price of petrol per litre.
A litre of petrol will now cost Rs111.60 after a decrease of Rs5.
The price of high-speed diesel has also been decreased by Rs5. It will now cost Rs122.26 per litre.
Kerosene oil prices have gone down as well by Rs7. It will now cost Rs92.45 per litre.
The price of light-speed diesel went down by Rs7 too, taking the price of a litre to Rs77.51.
The Oil and Gas Regulatory Authority had sent the government a summary advising a reduction of Rs6 per litre in petrol prices and a Rs7.50 per litre decrease in the price of diesel.
According to officials, the drop in prices was because of a 20% fall in oil prices in the international market.
The recommendation was reviewed by Prime Minister Imran Khan. The new prices of petroleum products will be effective from March 1.
Over the past months, the government had increased petroleum prices to cover a major revenue shortfall faced by the Federal Board of Revenue.