What could be new petrol price from August 16?

ISLAMABAD: The government may announce a massive decline in the prices of petroleum products amid a drop in international oil rates and depreciation in the dollar rate.

According to a Daily Jang report, the Oil and Gas Regulatory Authority (OGRA) has started working on a new summary which is likely to propose a Rs15 drop in POL prices.

The sources said that the government may provide relief to the masses by decreasing the petroleum levy and other taxes.

They added that the price of petrol is likely to decrease by Rs12 and diesel by Rs15.

Ogra will send a summary to the finance ministry on August 13 for fixing the new prices, after which the new prices will be announced on August 15 following the prime minister’s approval.