The government on Tuesday slashed the price of petrol and high-speed diesel (HSD) for the next fortnight by Rs5.45 and 8.42, respectively.

In a notification, the finance ministry said the reduction was due to price variations in the international market because of a decreasing trend in prices of petroleum products during the last fortnight.

It said the new petrol price was Rs288.49 per litre and that of HSD was Rs281.96.

A fortnight ago, the government had increased the price of petrol and HSD by Rs4.53 and Rs8.14 per litre.

The government has already achieved Rs60 per litre petroleum levy — maximum permissible limit under the law — on both petrol and HSD.

Informed sources had earlier told Dawn that the prices of petrol and diesel were expected to drop by about Rs5 and Rs9 per litre, respectively, mainly because of a fall in the international prices and import premiums.

The sources said the prices of petrol and HSD had declined in the international market by about $3 and $5 per barrel, respectively, in the last fortnight.