The price of petroleum is likely to be reduced by Rs4.50 per litre from September 1, according to reports on Friday.
The prices of High-Speed Diesel (HSD), Light Diesel Oil (LDO), High Octane Blending Component (HOBC) and kerosene oil will be slashed in accordance with the international market.
The price of HSD, the most widely consumed petroleum product in the country, was proposed to be decreased by Rs3.46 per litre.
The summary proposed an increase of Rs2.80 per litre in the price of LDO, which is used to run tube wells and pumps in the industrial sector.
The price of high octane blending component (HOBC) may be reduced by Rs4.50 per litre.
The price of kerosene, which is used for cooking in remote areas, may go down by Rs3 per litre.
The Finance Ministry is considering increasing petroleum levy and General Sales Tax (GST) due to which the public will be deprived of relief.