Islamabad: A big reduction is likely in the prices of petroleum products.

The price of petroleum products is likely to be curtailed by Rs 6.35 per liter from December 01.

As per media reports, reduction to the tune of Rs 3.75 per liter in the prices of petrol and Rs 6.10 per liter in the prices of high speed diesel is likely to be announced.

The price of kerosine oil is likely to be slashed by paisa 73 per liter and light diesel price likely to be reduced by Rs 6.35 per liter.

According to sources oil industry has finalized its working with regard to proposed change in the prices and sent it to OGRA.

OGRA is evolving its summary regarding change in prices on the basis of these recommendations. This summary will be sent to finance ministry tomorrow.

Finance ministry will announce new prices of petroleum products on November 30 which are applicable from December 01, New prices will remain effective for 15 days.

Sources said finance ministry will make consultation with PM before making this announcement.