The Oil and Gas Regulatory Authority (OGRA) has proposed a reduction in the prices of petroleum products, whereby the price of petrol can drop by Rs10 per litre.
According to Express News, the price of petrol can be reduced by Rs7 to Rs10 per litre while the price of diesel is proposed to be reduced by Rs8 per litre.
OGRA has sent a summary of the reduction in the prices of petroleum products to the government.
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The finance minister will consult the prime minister on the recommendations while the final decision on the prices of petroleum products will be taken on Monday.
The new prices of petroleum products for the next 15 days will be applied after midnight on May 15.
It should be noted here that in the last 14 days, the price of crude oil in the Brent oil market was as high as $77.44 per barrel.