The government slashed on Wednesday the prices of petrol and high-speed diesel by Rs15.39 and Rs7.88, respectively, for the next fortnight.

In a notification, the finance ministry said that the prices will be applicable from midnight on Wednesday for the next fortnight.

The reduction was due to price variations in the international market since prices of petroleum products had seen a “decreasing trend” in the last 15 days, it added.

After the reduction, the new petrol price was Rs273.1 per litre and that of HSD was Rs274.08.

Although the notification did not mention anything about the light diesel oil and kerosene oil, reports said that the LDO price was reduced by Rs7.54, whereas the kerosene oil rate was slashed by Rs9.86.

Fuel prices are determined by a number of factors including international prices, the Pakistani rupee’s exchange rate and the amount of tax levied by the government.

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On April 30, the federal government slashed the petrol price by Rs5.45 per litre and diesel rate by Rs8.42 as part of its fortnightly revision.