The federal government has announced a reduction in the price of petrol by Rs1 per litre, according to a notification issued by the Finance Division on Friday. As per the notification, the revised prices will take effect from March 29.

Following the decrease, the new price of petrol will be Rs254.63 per litre, down from the previous rate of Rs255.63. However, the price of High-Speed Diesel remains unchanged at Rs258.64 per litre.

The new prices, recommended by the Oil and Gas Regulatory Authority (OGRA), are based on fluctuations in international market rates.

OGRA assessed global market trends and submitted its recommendations for adjusting local petroleum product prices to provide relief to consumers, the Finance Division said in the statement.