Petroleum prices in the country are expected to be reduced for the next 15 days, providing potential relief to consumers amid fluctuating global energy markets.

Sources told Aaj News that petrol price could drop by Rs3. per litre from May 16. The prices of diesel could decrease by Rs7 per liter.

The Oil and Gas Regulatory Authority (Ogra) sets petroleum prices every fortnight. At the end of Apri, it announced a reduction in the prices of petrol and high-speed diesel by Rs2 per litre.

For April, petroleum products prices remained unchanged despite expectations of a potential decrease.

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In April, the International Monetary Fund (IMF) had recommended an increase in motor spirit and high-speed diesel prices by Rs47 per litre under the standard 18% sales tax rate.