The federal government has announced a reduction in petroleum prices for the next fortnight, marking the first decrease in petrol prices after three consecutive hikes.

According to a notification issued by the Ministry of Finance, the price of petrol has been reduced by Rs. 1 per liter, bringing it down to Rs. 256.13, while high-speed diesel (HSD) has seen a Rs. 4 per liter cut, now priced at Rs. 263.95 per liter. The new rates take effect from February 16 (today).

The Finance Division stated that the adjustment reflects recent fluctuations in the international oil market.

In the previous fortnightly review, the government had raised petrol prices by Rs. 1 per liter to Rs. 257.13 and hiked diesel rates by Rs. 7 per liter to Rs. 267.95.