The federal government on Wednesday announced fresh oil prices for the coming two weeks.

As per the notification of the Finance Department, petrol has been cut by Rs. 1 to Rs. 256.13 per liter. The price of high-speed diesel has also been cut by Rs. 4 per liter, priced at Rs. 263.95.

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This marks the first reduction of petrol prices after three consecutive hikes. The new rates will come into force on February 16.

According to the Finance Department, adjustments have been implemented on account of changes in the global oil market.

In the previous revision of oil prices, the government had increased petrol by Rs. 1 to Rs. 257.13 per liter, while high-speed diesel had increased by Rs. 7 per liter to Rs. 267.95.