ISLAMABAD: The government is likely to reduce prices of petroleum products from the first of September .
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.
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.
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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