Oil & Gas Regulatory Authority (OGRA) has proposed a reduction in petroleum products prices.
Thanks to the fall in global crude oil prices — currently at an eight-month low of around $98 a barrel — domestic prices of petrol may be cut again by around Rs 10 per litre.
According to sources, Ogra wants petrol price cut by Rs 10.46 per litre, High Speed Diesel (HSD) Rs 6.07 per lite , High Octane Blending Component (HOBC) Rs 11.75 per litre, kerosene oil Rs 5.26 per litre, and Light Diesel Oil (LDO) rate reduced by Rs 5.02 per litre.
The federal government will anounce new prices of petroleum products on Friday.
International crude oil prices are currently ruling at a 8-month low at around $98 a barrel, extending losses due to fears that the euro zone debt crisis will worsen and hurt the global economic recovery, threatening growth in oil demand.
Meanwhile Iran, OPEC s second largest producer, also warned that the embargo on its oil by the European Union would destabilise the global oil market.