ISLAMABAD: The federal government on Friday reduced petrol and high speed diesel prices by up to Rs6.80 per litre for the coming week after a decline in global oil prices. The revised rates came into effect immediately and will remain valid until May 29. According to the official notification, the price of high speed diesel was cut by Rs6.80 to Rs402.78 per litre, while petrol prices were reduced by Rs6 to Rs403.78 per litre. Diesel prices have now dropped significantly from the April peak of Rs520.35 per litre.

Despite the reduction, the government continues to impose heavy taxes on petroleum products. Officials said petrol currently carries a petroleum levy of Rs117.41 per litre, while analysts believe the latest cut may provide temporary relief to inflation hit consumers and transporters.