The federal government on Tuesday reduced the price of petrol by Rs5.45, taking the new rate to Rs288.49 per litre.

The price of high-speed diesel (HSD) has also been slashed by Rs8.42 per litre to Rs281.96.

The new prices take effect from May 1, 2024.

In the last review, the government had increased the petrol price by Rs4.53 per litre, and HSD by Rs8.14 per litre.

Earlier, Business Recorder reported that ex-depot prices of petrol and high-speed diesel (HSD) are expected to be slashed due to a decline in international oil prices and premium rates.