Following the decrease in global price of oil and dollar losing value against the rupee in recent weeks, petrol prices could see massive decrease in Pakistan over the next fortnight, sources said on Thursday.

The price of petrol could be decreased by upto Rs22 while the price of diesel could be slashed by upto Rs20. The new prices will be announced on October 16.

The price of oil in international markets have decreased by $7 in recent weeks. Prices in gulf market have fallen to $92 per barrel while prices have fallen to $84 per barrel.

The rate of the dollar against the rupee has fallen by over Rs20 in recent weeks as well.

Reports said that the old stock of oil imported 23 days ago at higher prices has been used up.

The prices will see a decrease if the government does not decide to impose new taxes. The government had recently slashed the price of petrol by Rs8 and diesel by Rs11.