ISLAMABAD: Amid sliding prices in international market, Oil and Gas Regulatory Authority (Ogra) recommended on Thursday a major cut in petroleum prices as low as Rs7.56 per litre.

Earlier, more than 10 rupees per litre reduction was expected however Rs7.56 per litre reduction in the price of petrol has been recommended by the authority, local media quoting officials reported.

In its recommendations sent to the Petroleum Ministry, Ogra proposed sharper cuts in the prices of petrol, diesel, high-octane blended component (HOBC) and kerosene starting February.

The price of high-speed diesel (HSD), a fuel used by transportation businesses and farmers, may be slashed by Rs11 per litre (13.6 per cent). The price of light diesel oil (LDO), an industrial fuel, may be cut down by Rs8.17 per litre.

The recommendations will now be forwarded to the PM’s Office for approval.