ISLAMABAD - The declining trend of POL prices in the international market is expected to reflect in the local prices of petroleum products to the tune of up to Rs 5.68 per litre for the next month (November). Sources privy to the development told that a reduction up to Rs 5.68 per liter is likely in the prices of petroleum, oil and lubricants (POL) products in the upcoming month. They informed that price of petrol is expected to decline by Rs4.58 per litre next month and that of high octane blended component (HOBC) by up to Rs 5.68 per liter while the price of high speed diesel with a nominal increase (10 paisa per liter) is likely to remain with the same tune because of a reduction in prices in the Arabian Gulf market. Prices of Jet fuel with a reduction of Rs 2.79 per liter is estimated but Finance Ministry is insisting to boost up the petroleum levy while maintaining POL prices, they updated, adding, that price of light diesel oil is expected to reduce by Rs 1.95 per liter while prices of Kerosene oil is estimated to go down by Rs 1.21 per liter, they informed. However, final estimation will be firmed up later this month (27th October) after the inclusion of Inland Freight Equalisation Margin (IFEM) and also with arrival of two ships of petroleum products, sources said, adding, that margins of dealers and marketing companies would also be included in the decision. The government deregulated prices of petroleum products on June 1 and allowed refineries and oil marketing companies to fix their ex-refinery and ex-depot prices on a monthly basis, keeping in view the import parity price. But the prices are being notified by Oil and Gas Regulatory Authority (Ogra) so far. It is worth mentioning here that the government jacked up prices of three major petroleum products by up to five per cent for the month of October. The price of petrol for October was raised by Rs4.15 to Rs88.95 per litre and that of high octane blending component (HOBC) by Rs2.72 to Rs112.65 per litre. Similarly, The price of HSD declined by 62 paisa per litre, but its retail price rose by Rs1.51 to Rs94.16 per litre because of the petroleum levy. The prices of light diesel oil (LDO) and kerosene remained unchanged at Rs83.52 and Rs86.82 per litre, respectively. Additionally, crude oil prices increased from $99.71 per barrel on Oct 3 to $108.31 on Oct 21, but their impact on refined products will translate by the end of November. However, in spite of fluctuating trend of crude prices in the international market, oil companies were found able to import petroleum products at comparatively lower prices than those in the previous month (September) because of surplus refining in the Arabian Gulf market. Additionally, oil companies during last month increased petrol price by Rs4.15 per litre to Rs88.95 and that of diesel by Rs1.51 per litre to Rs94.15 for the current month.