The prices of petroleum products are likely to go down by up to Rs10 per litre from September 1 mainly because of the decrease in international oil prices.
A well-placed source informed ARY News that the Oil and Gas Regulatory Authority (OGRA) has started working on a proposal to decrease fuel prices in line with a reduction in global oil prices.
According to sources, the regulator will send a summary to Prime Minister Shehbaz Sharif for cutting petrol and diesel price by Rs10 per litre respectively.
If approved, the new prices will come into effect from September 1.
Earlier, it emerged that Pakistan has assured the International Monetary Fund (IMF) to gradually increase the levy on petroleum products up to Rs50 per litre, ARY News reported, quoting well-placed sources.
In the LOI, Pakistan has assured the international lender to gradually increase the levy on petroleum products to Rs50 per litre.
Earlier, the federal government increased petrol price by Rs6.72 per litre for the rest of August 2022.