The government has announced a decrease in the prices of petrol and light diesel while the prices of high-speed diesel and kerosene oil surged, 24NewsHD TV channel reported.

The prices of petrol are cut by Rs3.05 per litre and light speed diesel by 12 paisa per litre. The rates of high-speed diesel are up by Rs8.95 per litre and kerosene by Rs4.62 per litre.

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According to a statement issued by the Finance Division, the new price of petrol is Rs227.19 per litre while the cost of high-speed diesel stands at Rs244.95 per litre and kerosene is available at Rs201.07 per litre while light-speed diesel rate is Rs19.32 per litre.

It added the new prices will come into effect from August 1 and will remain in place until August 15. These changes have been introduced following a cut in the prices of petroleum products in the international market.

"Owing to the fluctuation in petroleum prices in the international market and exchange rate variations, the government has decided to revise the existing prices of petroleum products to pass on the impact to the consumers," the statement read.