(Web Desk) — The federal government announced a reduction in petrol prices, effective from August 1, following a decline in global oil rates.

According to a statement from the Prime Minister’s Office, the price of petrol has been decreased by Rs6.17 per litre, bringing the new rate down to Rs272.77 from the previous Rs283.63.

The Oil and Gas Regulatory Authority (Ogra) calculated the new consumer prices, considering international market trends and exchange rate fluctuations. After receiving approval from Prime Minister Shehbaz Sharif, the adjustments were implemented.

High-speed diesel (HSD) saw a notable reduction of Rs10.86 per litre, resulting in a new price of Rs269.43, down from Rs275.60. Kerosene oil prices were reduced by Rs6.32, setting the new rate at Rs177.39 per litre compared to the previous Rs183.71. Similarly, the price of light diesel oil (LDO) was cut by Rs5.72 per litre, bringing it down to Rs160.53 from Rs166.25 per litre.