The Government of Pakistan announced on Saturday a decrease in the petrol and diesel prices for the next fortnightly revision.

As part of the fortnightly revision, the petrol price has been increased by Re1 per litre to 256.13 and high-speed diesel by Rs4/litre to 263.95.

The Kerosene Oil price was decreased by Rs3.20/litre to Rs171.65 and light diesel oil by Rs5.25/litre to Rs155.81.

The new prices will take effect at midnight.

“The Oil & Gas Regulatory Authority has reviewed and adjusted consumer prices for petroleum products in view of recent fluctuations in the international oil market,” the Finance Division said in a notification.

International oil prices settled down on Friday on prospects for a peace deal between Russia and Ukraine that could ease global supply disruptions by ending sanctions against Moscow, but losses were limited by a delay in US immediate reciprocal tariffs.

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Brent futures settled down 28 cents, or 0.37%, at $74.74 a barrel. US West Texas Intermediate crude fell 55 cents, or 0.77%, to $70.74. For the week, Brent gained 0.11% while WTI lost around 0.37%.

It was expected that the petrol price would decrease by Rs2.49 per litre and high-speed diesel by Rs10 per litre.

In the fiscal year budget, the government increased the maximum petroleum levy from Rs60 to Rs70 per litre to collect Rs1.28 trillion. The target is nearly Rs150 billion higher than the previous year’s collection of Rs1.019 trillion and exceeds the budget target of Rs869 billion.