ISLAMABAD: Concomitant with phenomenal slump in the oil prices in international markets, the government acceded to further slash the prices of petroleum products, as petrol has plummeted by Rs. 6.25 to settle at Rs.78.28 per liter, SAMAA reported on Thursday.

The Oil and Gas Regulatory Authority (OGRA) issued the notification to this effect. According to the notification, light diesel has been axed by Rs.10.48 to Rs.67.50/liter and kerosene oil by Rs.11.26 to 71.92/lit.

It merits to be noted here that the government earlier made an unprecedented reduction of Rs.19 in prices of petroleum products in two successive months of November and December, bringing prices to the lowest level in five years.

Earlier yesterday, the OGRA moved a summary to the Ministry of Petroleum, recommending up to Rs.14 reduction in per liter price of petroleum products.

According to the summary, OGRA sought Rs.6.25/lit reduction in the price of petrol; Rs.7.85/liter in price of high speed diesel and Rs.10.5/lit cut in rates of light speed diesel.

The per liter price of kerosene oil was proposed to be reduced Rs.11.25, and that of high octane blending component (HOBC) by Rs.14.15. --SAMAA