Petroleum prices likely to go down by Rs11 per litre

ISLAMABAD: The prices of petroleum products are estimated to decrease by up to Rs11 per litre for the next fortnight mainly because of lower international oil prices, ARY News reported citing sources.

According to a summary forwarded to PM by Oil and Gas Regulatory Authority (Ogra), Rs8 per litre increase has been recommended on the price of high-speed diesel, while the price of petrol is likely to go down by Rs11 per litre.

Earlier, the Economic Coordination Committee (ECC) approved an increase in sales and distribution margins of oil marketing companies (OMCs) and petroleum dealers.

A well-placed source in the finance ministry told ARY News that the ECC meeting presided over by Finance Minister Miftah Ismail here In Islamabad has accepted the demands of petroleum dealers OMCs by raising their sales margin by Rs7 per litre.

The OMCs and petroleum dealers have been seeking an increase in their sales and distribution margins by around 6 per cent to the premise of an increase in the costs of doing business and inflation.