Karachi (Web Desk): Pakistan State Oil (PSO) has announced to provide petrol on concessional rate during the holy month of Razman.

PSO has cut down petrol price by Rs1 per liter, keeping the price at Rs72.77 per liter during Ramazan.

Since last year, monthly consumption of petrol across the country has been increased to almost 500,000 metric tons because of increasing demand of the commodity owing to lower price compared to two years back.

Earlier on Saturday, Oil & Gas Regulatory Authority (OGRA) drafted a summary to reduce petroleum prices from 1st June, recommending the petrol price should be reduced by Rs2.10 per liter.

New prices are expected to be implemented from June 1 after the Finance Ministry’s approval.