Islamabad, Jul 14 (IANS): Pakistan Finance Minister Muftah Ismail has said that petrol prices will be slashed today (on Thursday), local media reported.

Talking to media here, Finance Minister Ismail said that the prices of petroleum products will be slashed today instead of waiting till July 15 as Prime Minister Shehbaz Sharif wants to give immediate relief to the people.

The Oil and Gas Regulatory Authority (Ogra) has recommended to the Finance ministry a cut in prices and the International Monetary Fund has no objection to it, Geo TV reported quoting the minister.

The ministry has worked out the reduction in petrol price by Rs 15 per litre and diesel by Rs 33.99 per litre, as per details.

Earlier in the day, the international money lender revealed that the Pakistani authorities and the IMF have finally reached a staff-level agreement over the release of $1.17 billion to support the country's fragile economy.

On reaching the agreement with the IMF, the Minister said, "Nations see difficult times and the Pakistani nation understands the situation during crises but now the time to give relief to the nation after difficult times has come."