Petroleum prices are likely to drop in the upcoming fortnight, with diesel expected to decrease by Rs3.13 per litre and petrol facing a minor cut of up to 61 paisas or staying unchanged, sources revealed.
The Oil and Gas Regulatory Authority (OGRA) will submit its price recommendation to the government on August 31, taking into account global market trends and industry data, after reviewing calculations from oil marketing companies.
The Ministry of Finance, in consultation with the prime minister, will make the final decision.
Earlier, the government had reduced the price of high-speed diesel by Rs12.84 per litre, lowering it to Rs272.99, while keeping petrol steady at Rs264.61 per litre.