The federal government is expected to reduce the price of petrol for next fortnight while the same for diesel, kerosene and light diesel could go up.
According to reports, the price of petrol could fall by up to Rs2 per litre while the price of high-speed diesel could increase by Rs9.60 per litre.
The substantial jump in diesel prices, if approved, would be driven by recent market trends, reports said, adding that the new price of high-speed diesel would as a result settle around Rs288.40 per litre.
The Oil and Gas Regulatory Authority (OGRA) will forward its pricing summary to the government on November 15, based on international market trends and industry data.
Earlier, petroleum prices were raised on Nov 1 after two weeks of reduction in late October.
The spike came amid volatility in the international oil market and the impact of recent United States (US) sanctions on Russia’s top oil producers.