Sources said the plan includes a Rs10.60 per litre reduction in petrol prices. High-Speed Diesel (HSD) could see a cut of Rs8.59 per litre, kerosene oil may fall by Rs9 per litre, and Light Diesel Oil (LDO) is expected to drop by Rs6.62 per litre.

The final decision will depend on approval from the Ministry of Finance. If confirmed, consumers can expect a noticeable relief at the pumps, offering a welcome respite for petrol users in particular.

The proposed cuts could come into effect from January 1, potentially marking one of the largest price reductions in recent months and providing financial relief to millions of consumers.