Lahore, Aug 14: If sources in the Pakistan Petroleum Ministry are to be believed, the federal government might announce a cut of Rs five in the price of petrol in near future.

The country’s Prime Minister Yousuf Raza Gilani is likely to approve the decision of lowering the petroleum prices within two days, the Daily Times quoted the ministry sources as saying.

Meanwhile, the federal government is also likely to announce a 15 percent hike in the electricity prices within a week.

Nine power-supply companies had asked the National Electric Power Regulatory Authority (NEPRA) for a 25 to 35 percent increase, said Pakistan government officials. (ANI)