The Oil and Gas Regulatory Authority (OGRA) has reportedly submitted proposal to Ministry of Petroleum to reduce the prices of the petroleum products in the country on Friday August 29, 2014.

OGRA has suggested to slash the price of petrol by 40 paisas bringing the price down to Rs. 106.37 per liter, diesel price by Rs. 1 reducing it to Rs. 108.34 per liter. Rs1.60 reduction in the price of HOBC bringing the price down to Rs. 129.66 per liter.

The new prices will become effective from September 1st, 2014 after the approval of the Ministry of Petroleum.