Pakistan, Aug. 1 -- The federal government on Thursday night slashed the price of petrol by Rs7.54 per litre while raising that of high-speed diesel (HSD) by Rs1.48 per litre for the next fortnight.

In a press release, the Finance Division stated that the price of petrol was set at Rs264.61 per litre and that of HSD at Rs285.83 per litre.

It added that it decided on these new rates "following a review of prevailing international market trends" and upon the recommendations from the Oil and Gas Regulatory Authority (OGRA) and the relevant ministries.

According to informed sources, global oil prices softened slightly over the past fortnight, while the import premium on petrol dropped by nearly one-third - from about $9.70 to $6.75 per bar...