There is a proposal to reduce the price of petrol by Rs15 per litre and high-speed diesel by Rs10 per liter while the price of light diesel oil price is proposed to reduce by Rs12 per litre.
There is also a proposal to reduce the price of kerosene by Rs8 per litre.
The final decision will be taken by the Prime Minister in consultation with the Finance Ministry.
The government is levying a levy of Rs.60 per liter on petrol and Rs.50 per liter on diesel and about Rs22 to Rs23 per liter duty is also being charged on petrol and diesel respectively.