The federal government has reduced the prices of petrol and high-speed diesel by Rs1.97 per litre, according to an official notification issued on Friday.

Under the revised rates, the price of petrol has been lowered from Rs299.50 to Rs297.53 per litre.

The price of high-speed diesel has also been reduced from Rs311.47 to Rs309.50 per litre following a cut of Rs1.97 per litre.

The new fuel prices came into effect immediately after the issuance of the notification.