The Oil and Gas Regulatory Authority (OGRA) has proposed a reduction in prices of petroleum products (POL) by Rs8 to Rs10 per litre, reported 24NewsHD TV on Tuesday.

According to sources in OGRA, the prices of petroleum products in the world market remained at $74 per barrel.

Prices of petroleum products decreased by 10% compared to last month while the government bought oil $68-74 per barrel in the last 13 days, as the ratio of prices decreased.

However, in the case of raising the levy tax, it can be reduced up to Rs4 per litre while in the case of doubling the tax, the prices can be maintained.

It is relevant to mention that new prices for the next 15 days will be announced tomorrow.

Reporter: Awais Kiyani