Before the decrease, petrol was selling at Rs275.60 per litre and diesel at Rs284 per litre. After the new prices, petrol will now sell at Rs269.43 and diesel at Rs272.77 per litre effective from August 1.

After approval, a notification has been issued by the Finance Ministry.

The government decided to decrease the prices of petroleum products as the oil prices in the international market had decreased by $2 to $3 per barrel during the last 15 days.

According to the authorities, the average price of petrol in the international market decreased from $89.50 to $87.50 per barrel and that of diesel from $96.93 to $94 per barrel.