Oil and Gas Regulatory Authority (OGRA) has proposed a cut in price of petrol by Rs5.27 per litre, reported 24NewsHD TV channel on Wednesday.
According to sources, after the approval, rate of a litre of petrol will be reduced from Rs273.10 to Rs267.83.
The sources further said that it was also proposed to make one liter of high speed diesel cheaper by Rs4.13 and light speed diesel by Rs5.
After the approval, one liter diesel will be reduced from Rs274.08 to Rs269.95, sources further said.
The OGRA also proposed to reduce the price of one liter of kerosene by Rs2, sources said
However, the government will decide to change the prices of petroleum products, sources added.
The announcement regarding the prices of petroleum products will be made on the night of May 31.
Reporter: Ashraf Khan