ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has recommended the coalition government to reduce petrol price by up to Rs10 per litre and diesel price by up to Rs8 per litre.
Sources told that a summary has been moved for the purpose and that the finance minister will consult Prime Minister Shehbaz Sharif in this regard.
The recommendation follows a decline in international oil prices as brent crude price touched $77.44 per barrel in the last last two weeks.
Sources further said the final decision would be taken tomorrow and new prices would be applicable from midnight on May 15.
On April 30, the federal government revised the prices of petroleum products across the country.
Finance Minister Ishaq Dar had announced that the petrol price would remain at Rs282 per litre while the price of high-speed diesel has been reduced by Rs 5 to Rs 288 per litre.
The price of kerosene and light diesel oil per litre was reduced by Rs10.
On Friday, oil prices settled more than 1 per cent lower, falling for the third consecutive week, as the market balanced supply fears against renewed economic concerns in the United States and China.
Brent crude futures settled down 81 cents, or 1.1pc, to $74.17 while West Texas Intermediate (WTI) US crude futures fell 83 cents, or 1.2pc, to $70.04.
Both benchmarks settled about 1.5pc lower week on week.
