Petroleum products prices are likely to be slashed by Rs 4 per liter from March 1.
As per reports, the petroleum ministry sources said that crude oil prices had declined by 4 dollars per barrel in the international market during the current month of February. Therefore, chances are that the price of petrol will go down by Rs 2.90 per liter and high speed diesel by Rs 2.60 per liter in the country as well.
Sources said light diesel is likely to register decrease in prices by Rs 3.15 and High Octane by Rs 2.60 per liter. Price of kerosene oil is also expected to decline by Rs 3 per liter.
The Oil and Gas Regulatory Authority (OGRA) will send summary on reduction in prices of petroleum products to ministry of finance on February 27. Final approval with regard to this summary will be accorded on February 28.
New prices will take effect from March 1.