The federal government is likely to reduce prices of petroleum products by up to Rs 3.50 a litre from November 1.
According to sources, Oil and Gas Regulatory Authority (OGRA) is expected to recommend a cut in response to a drop in global crude oil prices.
Sources say that petrol price will come down by Rs 3 a litre, kerosene oil by Rs 1.20 per litre, light diesel by Rs 0.50 paisas and high octane by Rs 3.50 a litre.
The regulatory authority will finalize the summary of new prices by October 29.
The new prices, once approved by the Ministry of Petroleum, will be effective from November 1 for one month.
The government has increased the prices of POL products by up to Rs 15 per litre in the last five months.
