The fall in the rates was expected to be because of minor adjustments in international prices, import premiums, and the exchange rate.

The English daily while quoting sources said that the prices of both petroleum products fluctuated in the international market over the past fortnight while the Pakistan State Oil had to pay higher import premiums on petrol.

On Feb 15, the government hiked the price of petrol by Rs2.73 and the price of diesel by Rs8.37. Fuel prices are revised every fortnight in Pakistan based on recommendations from the Oil and Gas Regulatory Authority.

In view of such changes, the rate of petrol is expected to be higher by Rs3 to 4 per litre than that of HSD by Rs1 to 1.5 per litre. But it also depends on the final exchange rate calculation as the dollar fell by 15 paise against the rupee on February 28.

According to officials, the price of petrol had increased by about $0.5 per barrel to $90.78 from $89.20 per barrel over the last two weeks while the HSD price ticked down by about eight cents per barrel — to $101.05 from about $101.13.

The premium paid by the PSO for product cargoes went up slightly for petrol to $10.45 per barrel this fortnight from $9.47 per barrel. It remained unchanged for HSD at $6.5 per barrel.