Prices of petroleum products likely to be cut by up to Rs5

ISLAMABAD: The government is likely to reduce prices of petroleum products from the first of September, ARY News reported, citing sources.

The Ministry of Energy has received a summary from the Oil and Gas Regulatory Authority (Ogra) seeking a downward revision in rates of petroleum products.

Also Read: FBR NOTIFIES SALES TAX TO BE CHARGED ON PETROLEUM PRODUCTS

The regulatory authority has proposed a reduction of Rs3.50 per litre in the price of petrol, Rs5 per litre in that of high-speed diesel and Rs2 per liter in the rate of light-speed diesel.

It recommended a Rs3 per litre cut in the price of kerosene oil.

The sources said the government could cut the prices of petroleum products by reducing petroleum levy and sales tax rate on them.

READ: GOVT KEEPS PETROL, DIESEL PRICES UNCHANGED FOR NEXT 15 DAYS

The Ministry of Finance will announce the new prices to be effective from September 1 after consultation with Prime Minister Imran Khan.

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