ISLAMABAD -  Petroleum products prices are likely to be slashed from March, 1. As per media reports, petroleum ministry sources have said crude oil prices have declined by 4 dollars per barrel in international market during the current month. Therefore, chances are there that price of petrol will go down by Rs 2.90 per liter and high speed diesel by Rs 2.60 per liter in the country.

Sources said light diesel is likely to register decrease in prices by Rs 3.15 per liter and High Octane by Rs 2.60 per liter. Price of kerosene oil is also expected to decline Rs 3 per liter. OGRA will send summary on reduction in prices of petroleum products to ministry of finance on February 27. Final approval with regard to this summary will be accorded on February, 28. New prices will take effect from March, 1.