Oil & Gas Regulatory Authority (OGRA) has decided to reduce fuel prices upto Rs14/liter.
The decision has been taken keeping in view the downward trend of Oil prices in the global market.
According to sources, Finance Ministry a summary sent by OGRA proposed to slashed Petrol price by Rs 9.82 and High Octane Blending Component (HOBC) by Rs 14, high speed diesel Rs7.11, and kerosene oil by Rs8.16.
Moreover, Ogra has also proposed an up to 10 percent decrease in the price of furnace oil.
The new prices, if approved, will take effect from November 1, 2014.