Following a major decrease in the price of petrol and diesel in October, the federal government is once again set to decrease the prices of oil on November1, reports said on Sunday.

The price of petrol could be decreased by Rs15-20 while the price of diesel could be decreased by Rs10-16, according to sources.

The reports added that the the fall in the price of oil in the international market has increased chances of relief being provided to consumers in Pakistan.

The Oil and Gas Regulatory Authority has prepared an initial draft of the summary for reduction in oil prices. However, the final proposal is likely to be moved on the last day of the month.

The government had made major cuts to oil prices on October 16, decreasing the price of petrol by Rs 40 from Rs323.38 to Rs283.38 per litre.

The price of diesel had been cut by Rs15 from Rs318.18 to Rs303.18 as well.

The prices of light diesel and kerosene had been kept unchanged last time, but these prices could also see change on November 1.