LAHORE (Web Desk) – Petrol prices are likely to be slashed between Rs 5-7 from September, Dunya News reported.

According to the report, petrol prices will be reduced for Rs 6 and 15 paisas, high octane Rs 7, high speed diesel Rs 5 and 30 paisas and light diesel Rs 5.

It is pertinent to mention here that oil prices slipped further in Asia on Tuesday, weighed down by a strengthening dollar as concerns about weakening demand in China added to expectations a global oversupply will last for years.

US benchmark West Texas Intermediate for September delivery was down seven cents to $41.80 in late-morning trade. WTI has lost more than 30 percent in the past two months, bringing it to the lowest level since March 2009.

Oil has led a slump in energy commodity prices in the past month “due to concerns about falling demand from China and robust global supply, especially in the US.”