ISLAMABAD: The federal government is likely to cut the petroleum prices in upcoming second fortnightly review for March 2025 amid downward trend in global market.
Sources said the petrol price is expected to drop by Rs13 to Rs15 per litre while the price of high speed diesel may go down by Rs11 per litre.
The Oil and Gas Regulatory Authority (Ogra) will send its recommendations to the Ministry of Finance for revising the petroleum prices. However, a final decision will be taken after consultation with Prime Minister Shehbaz Sharif.
Meanwhile, oil prices fell for a second day on Tuesday in international market, as concerns mounted over a potential US recession, the impact of tariffs on global growth and as OPEC+ sets its sight on ramping up supply.
Brent futures fell 6 cents, or 0.1%, to $69.22 a barrel at 0402 GMT, while U.S. West Texas Intermediate crude futures lost 13 cents, or 0.2%, to $65.90 a barrel.
