Prime Minister Shehbaz Sharif on Friday announced a cut of Rs12 in petrol price and Rs135 in diesel rate, citing reduction in global oil prices. In a televised address, the prime minister said the new price of petrol has been set at Rs366 per litre and diesel at Rs385 per litre, effective April 11. His address comes as Pakistan gears up to host high-stakes peace talks between the United States and Iran in Islamabad.