The federal government has reduced the price of petrol by Rs4.74 per litre and diesel by Rs3.86 in its third consecutive fortnightly review in light of a drop in the rate of global oil prices. The new price of petrol has come down to Rs268.36 per litre and diesel to Rs270.22 The new rates, which come as a relief for the inflation-hit masses, will be applicable from 12am on June 1, a notification from the Finance Division issued on Friday read. This move is expected to bring significant relief to the public, who have been grappling with high fuel prices in recent months. On May 15, the government had announced a welcome reduction in petrol and HSD prices for a fortnight by Rs15.39 per litre and Rs7.88 per litre, respectively.