ISLAMABAD - The government, under the monthly oil price mechanism, is likely to decrease the prices of petroleum products except diesel up to Rs 0.48/litre, reliable sources told The Nation on Wednesday. The monthly price adjustment mechanism has brought a significant relief to the consumers as the price fluctuation now goes on in terms of paisas contrary to the past when the oil prices fluctuated in terms of rupees on weekly basis to put extra burden on the masses, thus opening the floodgates of an unbridled inflation. Sources in the Petroleum Ministry said the prices of petroleum products except diesel are likely to witness a cut during the next month. They said in the light of average crude prices in the international market, the government is likely to decrease petrol price by Rs 0.48/litre, kerosene oil by Rs 0.30/litre, and Rs 0.32/litre in the price of light diesel oil (LDO) while the price of high-speed diesel (HSD) oil will witness raise of Rs 0.70/litre during the upcoming month. However, a final decision in this regard would be taken on December 21.A senior official of the Ministry of Petroleum and natural resources (MPNR), on condition of anonymity, told this scribe that the independent Oil and Gas Regulatory Authority (Ogra) was of the view that since the Inland Freight Equalisation Margin (IFEM) meeting was scheduled to meet on December 25, oil price announcement was not possible without IFEM determination. However, the Petroleum Ministry officials were of the opinion that as oil prices were announced on November 22, announcement of oil prices for the next month should be made on December 22. At present, petrol in open market is available at Rs 102.65/litre, kerosene oil at Rs 99.03/litre, high speed diesel oil at Rs 109.77/litre and light diesel oil at Rs 93.89/litre in the country.