Govt likely to reduce petroleum prices today

Islamabad: The government is likely to reduce petroleum prices tonight for second fortnight of September.

According to sources, the Oil and Gas Regulatory Authority (OGRA) has suggested the Ministry of Finance a cut in prices by Rs6 to Rs10 per litre.

They said the OGRA took into account the reduction in crude prices in global market from September 1 to 14 which comes between Rs8 and Rs12 a litre in Pak rupees.

They, however, said that reduction in petroleum prices may be around Rs2 to Rs5 per litre as the government is under IMF pressure as its board will meet on September 25 to consider Extended Fund Facility (EFF) for Pakistan.