Govt slashes petrol, diesel prices by Rs1.97 per litre

The government on Friday reduced the prices of petrol and high-speed diesel by Rs1.97 per litre.

According to the revised prices, petrol will now be sold at Rs297.53 per litre, down from Rs299.50, while high-speed diesel (HSD) will cost Rs309.50 per litre instead of Rs311.47.

The reduction comes after a decline in international oil prices over the past week, with the government passing on part of the relief to consumers.

Diesel prices have dropped significantly from their peak of Rs520.35 per litre recorded on April 3. The increase had started from Rs281 per litre following the outbreak of the US-Iran war in late February.

HSD is widely used in freight transport and is considered one of the most inflation-sensitive fuels.

Petrol prices, which had reached a high of Rs458.41 per litre on April 3 after rising from Rs266 in early March, have also seen steady reductions in recent weeks.