ISLAMABAD: The federal government is likely to slash the prices of petroleum products by Rs2 per litre from October 1, ARY News reported on Tuesday, citing sources.
The Oil and Gas Regulatory Authority (OGRA) on Tuesday put forth a proposal to reduce prices of petroleum products up to Rs2 per litre for the month of October.
According to sources, OGRA has recommended Rs2 per litre cut in the price of petrol, diesel following the decrease in petroleum prices in international market.
The summary for the revision of fuel prices for the month of May has been sent to the Ministry of Petroleum and after the prime minister’s approval, the new price will be announced for the public.
If approved, the new prices will come into effect from October 1.
Read More: ECC approves mechanism to change petroleum prices after 15 days
Earlier on September 15, the federal government announced to maintain fuel prices in the country for the next 15 days.
According to a handout of the federal finance ministry, the new prices would remain enforced in the country for 15 days from 16 to 30 September.
It must be noted that the fuel prices would be adjusted for 15 days rather than an earlier procedure to set the petroleum prices for a month.
