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The government is likely to a major cut in the prices of petrol and diesel after it received a recommendation by the Oil and Gas Regulatory Authority.

According to sources, the regulatory authority forwarded a summary to the petroleum division suggesting a cut of at least Rs5.79 in the petrol price.

The summary also recommended reducing the price high-speed diesel (HSD) by Rs 7.23 per litre.

The Ministry for Finance will consider the recommendations of the OGRA on Saturday, and make its decision accordingly, If the government approves the Ogra's recommendation, petrol price will go down from the existing Rs116.6 per litre to Rs110.81 per liter, and HSD price will reduce to Rs120.03 per litre from the current Rs127.26 per litre.