The federal government on Tuesday slashed the price of petrol by Rs5.45 per litre and high-speed diesel (HSD) by Rs8.42 per litre due to a decline in international oil prices, effective from May 1. The Finance Ministry, in a statement, underscored that these revisions align with the recommendations of the fuel regulator, the Oil and Gas Regulatory Authority (OGRA). The latest petrol price stands at Rs288.49 per litre, marking a decrease from its previous rate of Rs293.94. Similarly, the cost of HSD has been revised to Rs281.96 per litre, down from the earlier Rs290.38 per litre. Read more: Fuel prices likely to be slashed on May 1 The reduction in petrol prices is expected to lead to increased consumption, especially amid the ongoing gas crisis in the country. Petrol serves as an alternative to compressed natural gas (CNG) in vehicles, and the current situation may result in a surge in its usage. Similarly, the price of kerosene oil has been reduced by Rs8.74 per litre whereas the tariff of light diesel oil (LDO) has been slashed by Rs5.63 per litre. Kerosene oil is widely used in stoves in remote areas where liquefied petroleum gas (LPG) is not readily available, while LDO is an essential component in industries. In the last fortnightly review of petroleum prices on April 15, the federal government raised the price of petrol by Rs4.53 per litre, and the price of HSD was increased by Rs8.14 per litre.