Good news! The government is considering a major cut in the prices of petrol and diesel after it received a recommendation by the Oil and Gas Regulatory Authority.
The summary advised a reduction of Rs6 per litre in petrol prices and a Rs7.50 per litre decrease in the price of diesel. If the recommendation is approved, petrol and diesel will cost Rs110.60 and Rs119.76 respectively.
According to officials, the drop in prices was because of a 20% fall in oil prices in the international market.
The recommendation will be reviewed by Prime Minister Imran Khan on Saturday (February 29). If approved, the new prices of petroleum products will be effective from March 1.
Over the past months, the government had increased petroleum prices to cover a major revenue shortfall faced by the Federal Board of Revenue.