The federal government on Monday increased per liter price of petrol by Rs6.72 and slashed that of diesel by Rs0.51 for the next fortnight.
The new prices will become effective from August 16 till the month end.
The Finance Division, in its notification, said that in view of the fluctuations in petroleum prices in the international market and exchange rate variation, the government has decided to revise the existing prices of petroleum products to pass on the impact to the consumers.
With recent changes in the prices, petrol will now be sold for Rs233.91 per liter instead of Rs227.19 per liter.
The new price of high-speed diesel will be Rs244.44 after miniscule cut of Rs0.51.
The price of kerosene oil has also been slashed by Rs1.67, and it will be available for Rs199.40 per liter instead of Rs201.07.
The light diesel oil price will be Rs191.75 per liter however as it has been increased by Rs0.43.
World oil falls another $4 a barrel
The oil price on the international market dropped by another $4 a barrel, or 5%, on Monday to $94.21.
Brent crude was trading at nearly $98 a barrel on Sunday, August 14, but the price registered a sharp decline on the first business day.