ISLAMABAD: The prices of petroleum products are likely to decline by up to Rs11 per litre for the next fortnight primarily because of lower international oil prices, News reported.
Permitting to a summary forwarded to PM by Oil and Gas Regulatory Authority (Ogra), Rs8 per litre would be reduced on the price of high-speed diesel, while the price of petrol would cut down by Rs11 per litre.
Previous, the Economic Coordination Committee (ECC) approved an upsurge in sales and distribution margins of oil marketing companies (OMCs) and petroleum dealers.
A well-placed source in the finance ministry told News that the ECC meeting presided over by Finance Minister Miftah Ismail here in Islamabad has accepted the demands of petroleum dealers OMCs by levitation their sales margin by Rs7 per litre.
Alsao Read: Probability of Upsurge in Prices of Petroleum Products
The OMCs and petroleum dealers have been looking for an increase in their sales and distribution margins by around 6 per cent to the evidence of an increase in the costs of doing business and inflation.