The caretaker government decreased on Sunday the petrol price by Rs40 and diesel by Rs15 respectively. The new price of petrol is Rs283.38/litre and diesel rate is Rs303.18 per litre

“Owing to the decreasing trend of petroleum prices in the international market and due to the appreciation of the Pakistani rupee against the US dollar, the government has decided to revise the existing consumer prices of petroleum products,” the government said in a notification.

This is the second time in a row that the caretaker government has reduced petroleum prices after three fortnightly increases.

Last month, the interim setup decreased the prices of petrol by Rs8 and diesel by Rs11 respectively. The new rate of petrol was now Rs323.38 per litre and high-speed diesel was Rs318.18.

Sunday’s decision was taken in view of the fall of oil prices in the international market where the price of petrol had fallen by $12 per barrel. But earlier this week oil prices leapt nearly 6%, with Brent posting its highest weekly gain since February, as investors priced in the possibility that the conflict in the Middle East could widen as Israel began ground raids inside the Gaza Strip.

Brent futures settled up $4.89, or 5.7%, at $90.89 per barrel. US West Texas Intermediate (WTI) crude gained $4.78, or 5.8%, to $87.69 a barrel.