Reduction in petroleum prices likely

Sources in the Oil and Gas Regulatory Authority told that it is proposed to reduce petrol rates by Rs 3.95 and high octane blending component by Rs 5.

In a summary sent to the Ogra, decrease of Rs 2.70 in high speed diesel is proposed followed by Rs 3 reduction in light diesel.

Similarly, reduction of Rs 3 is also expected in the rates of kerosene oil. Sources told that continuous decline in petroleum products’ prices was being witnessed in the international market.