Sources said that diesel prices could fall by up to Rs11.50 per litre, while petrol may see a marginal reduction of Rs0.36 per litre.

Light diesel prices are likely to drop by Rs10 per litre, and kerosene oil could be cheaper by Rs11.70 per litre.

The Oil and Gas Regulatory Authority (OGRA) will submit its price summary on December 15 for approval.

Once cleared by the prime minister, the petroleum division will issue the new price notification.

If the proposed reductions are approved, the new petrol price will be Rs263.09 per litre, while the new high-speed diesel price will be Rs270.80 per litre.

Under the proposed revision, the price of kerosene will fall to Rs181.16 per litre, and light diesel will be priced at Rs153.76 per litre.