The government on Tuesday slashed the fuel prices by up to Rs8.42 per litre. The petrol price has been decreased by Rs5.45 per litre, while diesel price cut by Rs8.42 per litre. The new prices would be effective from May 1. The Ogra had forwarded the oil price summary to the Ministry of Petroleum today, which was approved by the prime minister. Notably, global crude oil prices have been fluctuating over the past 15 days, with today’s Brent oil market price at $88.50 per barrel. This price adjustment follows a recent increase on April 16, where petrol price increased by Rs 4.53 per litre and high-speed diesel rose by Rs 8.14 per litre.