ISLAMABAD: The government has revised petroleum prices for July 30, reducing the price of petrol while increasing the rates of high-speed diesel and kerosene under its daily fuel pricing mechanism.

According to a notification issued by the Petroleum Division, the price of petrol has been reduced by Rs0.75 per litre, bringing the new rate to Rs335.06 per litre.

Meanwhile, the price of high-speed diesel (HSD) has been increased by Rs2.24 per litre, taking the new price to Rs390.62 per litre.

The government also raised the price of kerosene oil by Rs1.04 per litre, setting the new rate at Rs304.67 per litre, compared with the previous price of Rs303.63 per litre.

The notification stated that the revised prices will remain effective for July 30.

The federal government recently introduced a daily petroleum pricing mechanism in view of the evolving regional situation. Under the new policy, the Oil and Gas Regulatory Authority (OGRA) can announce revised fuel prices without prior approval from the prime minister or the federal government, while prices announced before the weekend will remain unchanged on Saturdays and Sundays.

A day earlier, for July 29, the government had increased the price of petrol by Rs1.63 per litre and diesel by Rs1.55 per litre.