The Oil and Gas Regulatory Authority (OGRA) is considering a significant reduction in the prices of petroleum products, with a proposal to decrease prices by Rs5 per litre.

This reduction is anticipated to apply to both petrol and diesel, potentially making them more affordable for consumers across the country.

The slash in prices could potentially bring relief to consumers grappling with escalating fuel costs. If the proposal is approved, petrol is expected to become cheaper by Rs5 per litre, while diesel prices could see a reduction of Rs4 per litre.

OGRA is set to send the summary of proposed price adjustments to the Petroleum Division on May 31. Subsequently, the Ministry of Finance and the prime minister will take a final decision and issue an official notification.

The new prices would take effect on June 1, for the first two weeks of the month.

On May 1, the government announced a massive reduction in the prices of petroleum products. According to a notification, the prime minister approved a decrease of Rs5.45 per litre in the price of petrol, while the price of diesel was reduced by Rs8.42 per litre.

According to the Finance Ministry, the new price of petrol is Rs288.49 per litre and Rs281.96 per litre for HSD.