ISLAMABAD – The federal government is likely to further decrease petrol prices in Pakistan for next month of November in line with downward trend in international market and appreciation of local currency.

Reports said the Oil and Gas Regulatory Authority (OGRA) has started preparing a draft for decrease in prices of petroleum products.

The final decision will be taken by the Petroleum Division on October 31 after consultation with caretaker Prime Minister Anwaarul Haq Kakar. The new prices will come into effect from November 1.

Currently, the federal government is charging Rs60 per litre in wake of levy on petrol and Rs55 per litre on diesel.

The oil prices in international markets have witnessed downward trend as British crude oil prices have dropped below $90 per barrel, while American crude oil prices have fallen below $84 per barrel.