The government is likely to bring good news to the people due to inflation by reducing the prices of petroleum products.

As per details, the Oil and Gas Regulatory Authority (OGRA) has received a summary of changes in prices of petroleum products for the next 15 days. With its approval, petroleum products are likely to become cheaper by up to Rs 2 per liter.

In its summary, OGRA has suggested not to increase the petroleum levy in view of global crude oil prices. The summary recommended a reduction in petrol and diesel prices by Rs 2 per liter. It is pertinent to mention that the oil and gas regulator computed the new rates based at 17 percent GST and PL rates notified on the POL for first half of April.

As per reports, the government may not reduce the ex-depot prices of petrol and HSD as it did not pass on full impact of increased global oil prices in recent months. The government may increase the rate of PL which reduced to Rs11.23 per litre on petrol and PL on HSD to Rs15.29 per litre after charging Rs30 per litre for many months.

It may be recalled that on March 31, the government had also reduced petrol and diesel prices. The new prices will be announced this evening after the approval of the Prime Minister.