The Oil and Gas Regulatory Authority (OGRA) has recommended cut in petroleum prices from April 1.
According to reports, a summary in this regard has been forwarded to the Petroleum Ministry.
OGRA recommended cut of Rs 1.72 per litre in petrol and will be sold at Rs 108.31 per litre. High octane prices will be decreased by Rs 4.64 per litre, kerosene oil Rs 5.61 per litre, high speed diesel Rs 2.90 per litre and light diesel Rs 5.16.
The ministry will forward the summary to Finance Ministry which will give the approval after consultation with the prime minister.
The recent depreciation of dollar by Rs 7.22 has resulted in the decrease of petroleum prices. The new prices are likely to be announced on March 31st.