ISLAMABAD: The federal government announced on Wednesday that petrol prices would be reduced by Rs6.17 per litre for the next fortnight, following a decline in global oil prices, according to a statement from the PM Office.

The new prices will take effect from August 1.

The Oil and Gas Regulatory Authority (Ogra) calculated the new consumer prices for the upcoming fortnight, considering international prices and exchange rate fluctuations, as stated in the notification.

After Prime Minister Shehbaz Sharif’s approval, the petrol price was set at Rs269.60 per litre, down from Rs275.60 per litre, reflecting a reduction of Rs6.17.

The price of high-speed diesel (HSD) was reduced by Rs10.86, bringing it down to Rs272.77 per litre from the previous Rs283.63 per litre.

The price of kerosene was decreased by Rs6.32 per litre, lowering it to Rs177.39 from Rs183.71 per litre.

Additionally, the rate for light diesel oil (LDO) was reduced by Rs5.72 per litre, resulting in a new price of Rs160.53 per litre, down from the current Rs166.25 per litre.