ISLAMABAD, 30 JAN (DNA) – Prime Minister Nawaz Sharif has announced Rs5 per litre cut in petroleum product prices with effect from February 01.

The Premier announced reduction in petrol, diesel and other POL prices while talking to media here Saturday.

The Oil and Gas Regulatory Authority (Ogra) has recommended to the government to make a big cut in oil prices, hinting that in the international market its prices may go further down in the wake of increased oil supply, as Iran is also going to join the international market after lifting of sanctions on it.

The authority has recommended Rs7.56 per litre reduction in petrol which is widely used in cars and motorcycles owned by middle class commuters. The price of high-speeddiesel (HSD), mostly used in mass transportation and agriculture, could also be cut 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. DNA