The petroleum ministry in a statement said that the Oil and Gas Regulatory Authority (OGRA) had sent a summary to the ministry recommending decrease in petroleum prices.
Following a declining trend in the price of crude oil in the global market, significant decrease in POL prices has been estimated so far.
The Ministry of Petroleum and Natural Resources has approved Rs 2.94 per litre cut in petrol price.
The ministry has approved Rs. 1.98 per litre in High Octane, Rs. 1.31 per litre in kerosene oil and Rs 0.95 per litre in high speed diesel (HSD) prices. Per litre price of light speed diesel has been slashed by Rs 0.67.
The new prices of petroleum products will be effective from October 1st, across the country.