The Oil and Gas Regulatory Authority (Ogra) has proposed to the government a decrease of Rs7.23 per litre in the price of high speed diesel (HSD) and Rs5.79 per litre cut in price of petrol for March. The regulator has sent the summary to the Ministry of Energy that would be then forwarded to the Finance Ministry for approval. The development comes after the prices of oil tumbled to their lowest since January 2019, as further novel coronavirus cases outside China fanned fears that a pandemic could slow the global economy and erode demand for crude. Brent crude contract for May was down 90 cents, or 1.7pc, at $50.83 a barrel on Friday, a 14-month low. The international benchmark, which fell about 2pc on Thursday, has shed around 12pc this week and is on track for its steepest weekly decline since mid-January 2016. If the government approves the Ogra’s recommendation, petrol price will go down from the existing Rs116.6 per litre to Rs110.81 per liter, and HSD price will reduce to Rs120.03 per litre from the current Rs127.26 per litre.