The decision in this respect will be made for a fortnight after a minor reduction in global prices.

In the last fortnight, the average prices of the major petroleum products - petrol and HSD - have decreased in the international market by about $1.5 and $2.5 per barrel, respectively, according to sources.

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Depending on final exchange rate calculation and existing tax rates, the prices of petrol and HSD are projected to come down by Rs3 and Rs2.30 per litre, respectively.

Currently, the ex-depot prices of petrol and diesel stand at Rs243.03 and Rs251.29 per litre.

On both petrol and HSD, the government is currently charging about Rs76 per litre tax. The government is charging Rs60 per litre PDL and Rs16 per litre custom duty on both products. In addition, about Rs17 per litre distribution and sale margins are going to oil companies and their dealers.

On October 15, the government had increased the price of diesel by Rs5 per litre, while the rate of petrol had been kept unchanged at Rs247.03 till the end of this month.