Islamabad: A major curtailment in the prices of petroleum products is likely from January 16 in the country.

As per media reports, a reduction of Rs 4.59 per liter is expected in the price of petrol, Rs 2.70 per liter in the price of high speed diesel, Rs 1.82 per liter in the price of kerosine oil and Rs 2.08 per liter reduction in the price of light diesel oil is likely.

Change in the prices will be made with the approval of Prime Minister.

Prices of petrol and diesel have declined remarkably in international market. Price of petrol per barrel has witnessed decrease 2 dollars, 74 cent and now the price has been reduced from 69.27 dollar per barrel to 66.54 dollars per barrel.