ISLAMABAD: Prime Minister Nawaz Sharif on Monday announced a reduction in prices of all petroleum-related products.

A statement issued from PM House stated that petrol prices are being reduced by Rs8.48 per liter from Tuesday, March 1.

Price of High Speed Diesel has been lowered by Rs4.67 a liter while Light Diesel Oil and Hi-Octane have seen a reduction of Rs1.97 and Rs2.98 per liter.

OGRA (Oil and Gas Regulatory Authority) recommendation for increase of Rs1.66 in the per liter price of kerosene oil has been rejected.

The Oil and Gas Regulatory Authority (Ogra) on Friday had recommended up to 12 per cent reduction in prices of all petroleum products, except kerosene oil, for the month of March.

In a summary sent to the government, Ogra had said that a substantial reduction in oil prices had been witnessed in international market in February. The benefit of this decline in prices should be passed on to consumers, it had said.

In its working paper, the regulator had recommended a reduction of 11.9pc in the price of petrol, 6.2pc in that of high speed diesel (HSD), 3.95pc in that of high octane blending component (HOBC) and 4.93pc in that of light diesel oil (LDO).

OGRA proposed an increase of about 3.8pc in the price of kerosene.

On Jan 31, the federal government had slashed the per liter price of petrol by Rs5 for the month of February. which brought its price at at Rs71.25 per liter.