ISLAMABAD, Sep 22 (DNA): The government is likely to reduce the prices of petrol by Rs 12 and diesel by Rs 9 after the local currency has gained some lost ground against the US dollar.

The Oil & Gas Regulatory Authority (OGRA) revises the prices of

petroleum products every fortnight and has increased the rates over the

last several months to comply with tough conditionalities imposed by the

International Monetary Fund (IMF) for a package.

The increase in petroleum prices, along with an economic meltdown has

pushed inflation to historic highs in Pakistan.

According to sources, the government is likely to decrease the price of

petrol and high-speed diesel following the rupee’s gains against the

greenback. The US dollar has depreciated by 5% so far from a high of Rs

307.10 in the interbank.