The government is likely to slash the petroleum prices by up to Rs15 per litre for the second fortnight of December in the wake of fluctuation in the international market.
Sources said the Oil and Gas Regulator Authority (OGRA) had prepared a working paper about the new petroleum prices and would send a summary to the Ministry of Finance on Wednesday.
The Brent crude oil prices witnessed a dip in the last 15 days as it hovers around $76 per barrel in the international market.
Sources further said the OGRA would recommend Rs12 per litre cut in the petrol price and Rs10 in the diesel price. It would also suggest the government to decrease the price of light diesel oil by Rs15 and kerosene oil by Rs13 per litre.
Meanwhile, the regulatory body has also prepared another summary which recommends no change in the petroleum prices as the government is attempting to boost revenue collections in a bid to reach a staff-level agreement with the International Monetary Fund (IMF) to get the ninth tranche of loan under the $7 billion bailout package.
Sources said the OGRA would suggest increase in the general sales tax, which has currently been kept at zero per cent. However, the levy on petroleum prices could not be increased further as it is already at the record level of Rs50. A final decision about the prices will be take by the ministry after consultation with Prime Minister Shehbaz Sharif.