The government on Thursday announced to slash petroleum prices in a bid to provide relief to the oppressed masses. The new prices will be effective from Friday (today). The Oil and Gas Regulatory Authority (OGRA) has issued a notification in this regard following the approval of a summary by the Finance Ministry. According to the notification, petrol price has been reduced by Rs 3.39 per litre; high speed diesel by Rs 1.23; light diesel by Rs 5.84; and kerosene oil by Rs 5.90 per litre. CNG rates are also likely to be cut by Rs 3 per kilogramme. The government will earn Rs 3 billion on petrol in 15 days by levying a tax called Petroleum Development Levy (PDL). The decision came as the federal government is going to announce its annual budget on Friday.