ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) on Saturday proposed reduction in oil prices upto Rs4.89 per litre (3.6 per cent) with effect from May 1.

The Senior government official said the Ogra summary seeking price reduction had been received at the ministry of petroleum and natural resources and a decision on the proposal would be made in consultation with the ministry of finance by Monday.

According to the reports, OGRA authorities witnessed a decline in the international market by $3 and have decreased at $121 per barrel so the government should trim down the price of Petrol by Rs1, High Octane Blended Component (HOBC) Rs4.89, light diesel oil (LDO) Rs1.64, high speed diesel oil Rs1.31, and Rs2.13 per litre in the price of Kerosene oil for next month.