The government of Pakistan is set to announce oil prices for the next fortnight on Monday, and good news for consumers could be in the offing.

Reports said that the Oil and Gas Regulatory Authority has finalised its working on the oil prices for the second half of the month of January.

According to the reports, the price of petrol could see a decrease of upto Rs5.5 per litre. The price of petrol currently stands at Rs267.34.

However, the price of high speed diesel, which is currently at Rs276.21, is unlikely to see a decrease..

The price of kerosene could be decreased by Rs3 per litre while light diesel prices could be slashed by Rs1.50.

The new prices will be applicable from January 16. Both petrol and diesel prices had been left unchanged at the beginning of January.

The prices could come down as a result of multiple factors including the downward trends in the international prices of oil. Oil is currently priced at $83 per barrel, a decrease of $1.5 per barrel from where it stood on January 1.

The exchange rate of the US dollar against the rupee has also improved in recent days and last closed at Rs280.36, a total appreciation of Rs3. The exchange rate has a major impact on prices since oil is mostly imported.