A summary for the marginal decline was approved by Prime Minister Shehbaz Sharif on Saturday.

The petrol price is now Rs259.1 per litre and HSD Rs262.75 a litre, according to a statement issued by state broadcaster PTV.

The statement further said that the price of kerosene oil was also slashed by Rs2.15 to Rs169.62 per litre and light diesel oil by Rs2.97 to Rs154.05 per litre. Prices of petrol and HSD were previously estimated to drop by around Rs5-6 per litre mainly because of the lower international market for the next fortnight starting September 1.

In the international market, the prices of petrol and HSD have decreased by $2 to $2.30 per barrel in the last fortnight. Officials said the average price of petrol had dropped in the international market to about $80.40 per barrel from about $82.5 per barrel.