Oil and Gas Regulatory Authority has forwarded a summary for reduction in the prices of petroleum to the Ministry of Petroleum. Under the summary, it has been recommended by the Regulatory authorities that the prices of Petrol should be reduced by Rs 2.30 per liter where as Rs 3.20 in high speed diesel.
However, the Regulatory Authority has suggested the government to increase the price of light speed diesel by Rs 9.50 per liter and Rs13.60 for kerosene
The reduction in prices has come in the wake declining oil prices in the international market. WTI Crude prices have struggled to get past the $50 level as international oil glut and enhanced production of US Shale oil rigs continue to maintain the surplus dragging the prices below the $50.
After the necessary approval from the Prime Minister, Ministry of Finance will announce the reduction in the petroleum prices which will be in effect from 1st of June.