A proposal to lower petroleum prices has been sent for approval, which could result in a reduction in prices from September 1, reported 24NewsHD TV channel on Thursday. 

According to sources, a reduction of Rs2.97 per litre in the petrol price has been proposed. If approved, this would decrease the price from Rs260.96 to Rs257.99 per litre.

Similarly, a reduction of Rs2.31 per litre in high-speed diesel has been suggested, bringing the price down from Rs266.07 to Rs263.76 per litre. 

A decrease of Rs1.96 per litre for light-speed diesel and Rs1.39 per litre for kerosene oil has also been proposed. 

The new prices will come into effect on September 1, 2024, upon approval.

In the international market, US crude oil has dropped by 3.60% over two weeks to US$74.69 per barrel, while London Brent oil has decreased by 2.34%, also reaching US$74.69 per barrel.

Reporter: Ashraf Khan