The federal government on Thursday updated the petroleum product prices for the upcoming fortnight starting from August 1.

According to the notification issued by the Finance Division, the government reduced the petrol price by Rs7.54, while increasing the high-speed diesel price by Rs1.54.

After the reduction, the new petrol price will be Rs264.61.

High-speed diesel will be available at Rs285.83.

The new rates will come into effect by 12am on Friday, August 1.

The government last announced the increase in petroleum products prices on July 15 for a fortnight.