Oil likely to cut by Rs 8.48/ litre from March

Price of petroleum products are likely to be reduced by Rs 8.48 per litre from March 1.

The Oil and Regulatory Authority (OGRA) has sent a summary with respect to reduction in prices of petroleum products to the ministry of petroleum. The finance ministry will announce the reduction in prices of petroleum products after approval is accorded by the prime minister (PM) to this effect.

According to the summary sent to the ministry of petroleum by OGRA on Friday, recommendations have been made for scaling down the price of petrol by Rs 8.48 per litre, light diesel Rs 1.97 per litre, high speed diesel Rs 4.67 per litre, high octane Rs 2.98 per litre and price of kerosene oil by Rs 1.66 per litre. The ministry of petroleum will send the summary to finance ministry which will announce the reduction in prices following the approval from PM.