ISLAMABAD: The Oil and Gas Regulatory Authority has recommended that the government decrease prices of petroleum products by up to Rs 5.61 per litre at the start of next month.

Well informed sources told Dawn.com that the expected decrease in POL prices will be in line with the declining trend in the Arab Gulf market of crude oil prices, which have recently seen prices falling by $3 per barrel.

The sources said that in the summary to the government, Ogra has recommended a decrease in price of petrol by Rs1.72 per litre, HOBC by Rs4.66 per litre, kerosene by Rs5.61 per litre, high-speed diesel by Rs2.90 and light diesel oil by Rs 5.16 per litre.

Sources in the finance ministry further told this scribe that the summary has included a full share of petroleum levy imposed on petroleum products, leaving no reason for the ministry not to implement the recommended relief in oil prices.

“Finance Minister Ishaq Dar would announce the oil prices after approval from the prime minister,” said a senior official of the finance ministry.

Petroleum prices for the coming month will be announced on March 31, and the changes will be effective from April 1.

If Ogra’s recommendations are implemented, per litre prices would come down to Rs 108.31 for petrol, Rs 136.57 for HOBC, Rs 101.15 for kerosene, Rs 113.85 for high-speed diesel, and Rs 95.06 for light diesel oil.