ISLAMABAD, FEB 29 (DNA) : Oil & Gas Regulatory Authority (OGRA) has submitted a summary to the Petroleum Division recommending major reduction in the prices from March 1.

According to sources, the regulatory authority has forwarded a summary to the Petroleum Division suggesting a cut of Rs5.89/ litre in the petrol prices.

The summary also recommended to reduce the price of high speed diesel (HSD) by Rs7.23 per litre. New prices will be enforced today midnight, if the summary was approved.

Earlier on January 31, the federal government had decided to maintain the prices of petroleum unchanged for the month of February.

The Oil and Gas Regulatory Authority (OGRA) on Thursday had sent a summary to the federal government for recommending modification in prices of petroleum products.

OGRA had recommended to reduce the prices of petrol up 6 paisas and 66 paisas in kerosene oil. The authority suggested rising prices of high-speed diesel up to Rs2.47 and Rs1.10 in light diesel.