The federal government Friday reduced the petrol price by Rs4.74, taking the new rate to Rs268.36 per litre.

The price of high-speed diesel (HSD) has also been slashed by Rs3.86 per litre to Rs270.22.

The new prices will take effect from June 1, 2024.

Prime Minister Shehbaz Sharif directed the finance ministry earlier in the day to reduce petrol prices by Rs15.4 per litre for the next fortnight, an official government post said on X, formerly Twitter.

The premier ordered the ministry to slash high-speed diesel (HSD) price by Rs7.9 per litre.

In the last review, the government decreased the petrol price by Rs15.39 per litre, and HSD by Rs7.88 per litre.

Earlier, Business Recorder reported that the federal government might announce a decrease in petrol prices by Rs4.50 per litre for the first half of June. The price of high-speed diesel (HSD) was expected to fall by around Rs4 per litre.