The government announced a significant reduction in the prices of petrol and high-speed diesel (HSD) on Tuesday night for the upcoming fortnight. Petrol prices were slashed by Rs5.45 per litre, while HSD prices saw a reduction of Rs8.42 per litre.
Attributing the adjustment to fluctuations in the international market, the finance ministry clarified that declining trends in petroleum prices globally drove this decision.
As per the notification, the new price of petrol stands at Rs288.49 per litre, with HSD priced at Rs281.96 per litre.
This adjustment comes after a recent hike in petrol and HSD prices, where the government had raised them by Rs4.53 and Rs8.14 per litre, respectively.
With the current reduction, the government has effectively reached the maximum permissible limit of Rs60 per litre in petroleum levy for both petrol and HSD, as mandated by law.
Insiders previously informed Dawn that the anticipated drop in petrol and diesel prices, approximately Rs5 and Rs9 per litre, respectively, was primarily due to the decrease in international prices and import premiums.
According to these sources, the international market witnessed a decline of about $3 per barrel for petrol and $5 per barrel for HSD over the last fortnight, contributing to the downward adjustment in local prices.