A significant reduction is expected at the prices of the petroleum products in the span of the next couple of days, as per the Ministry of Finance officials on Wednesday.
As per the media reports, the officials said that the ministry has suggested a reduction in the petroleum products prices, making a strong forecast that the petrol prices would be decreased by Rs.9 per litre.
According to sources, the finance ministry would be announcing the new POL prices on the 28th of February.
The sources also said that the price of the high-speed diesel would also be cut by Rs.12, the price of kerosene oil would be cut by Rs.7 and the price of light diesel oil would reduce by Rs.8.
They said that the ministry has taken the decision of keeping in mind the decreasing trends in the international markets.
With a decrease in the prices of the petroleum products, the inflation rate was also anticipated to reduce, offering some relief to the public that was suffering from record inflation.